Historically, PHEAA sold securities to investors to raise money to fund new student loans. Due to the sub-prime mortgage problems, many investors are not buying securities backed by loans - even ones backed by federally guaranteed student loans. This, combined with changes in regulations and the implementation of new federal laws, including the College Cost Reduction and Access Act, have impacted our lending operations. Because PHEAA is not a traditional bank it relies on money from selling these securities, and since the investors aren't buying them, we simply can not raise the money to fund the loans. Banks and other institutions that don't depend on this type of funding are still able to lend. PHEAA is partnering with these institutions to ensure students and families have the money they need to fund their education.