Private student lender Edamerica has met its loan obligations to Milwaukee Area Technical College students after announcing earlier this year it did not have the cash to cut loan refund checks on time.
In late September, Knoxville, Tenn.-based Edamerica told MATC that it would not be able to make about $250,000 in payments for more than 100 students by the agreed-upon deadline. Like other lenders, Edamerica lacked liquidity because of the credit crisis.
MATC was among several colleges across the country to get the warning. Loan checks from Edamerica to students at the University of Wisconsin-Madison, UW-Oshkosh and UW-Stout were several weeks late as well.