WASHINGTON - The Department of Education is planning to exempt banks and other financial institutions holding less than $5 million in student loans from costly audit requirements.

"Lenders with these small student loan portfolios can rest assured that the government will not impose this audit upon them," said Leo Kornfeld, senior adviser to Secretary of Education Richard W. Riley.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.