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Company: ITT Educational Services (ESI)
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  High exposure to private lenders

Credit Suisse estimates ITT's exposure to private lending to be around 29% of total revenues. Tighter lending requirements may squeeze prospective students at the lower end of the credit range which may affect new enrollments.

Although recent news (Apr.4, 2008) that legislation is being introduced that would allow the Department of Education to buy student loans, this would only free up liquidity for lenders issuing Title IV / FFEL loans. In order to close the gap to cover tuition, some students turn to private lenders.

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