WASHINGTON -- Bank industry representatives are up in arms over a new twist to the Clinton administration's student lending program.

On Friday, the administration said borrowers could consolidate loans from private lenders into a new credit package -- the Individual Education Account -- that would be transferred to the federal government.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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