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The money would be used to increase loans for small businesses.
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But Mr. Siegel said that as he started to dig deeper, he found a provision that would increase loan guarantees for Small Business Administration lenders.
The funds' investments in Sallie Mae come as Washington policymakers increasingly turn their attention to student debt burdens, weighing stimulative measures that could boost refinancings or increase loan modifications for distressed borrowers, in the face of increasing evidence that student debt is hurting the economy.
Although unable to put pressure on Mr. Smith to share Ontario Hydro's environmental risk, government officials did persuade Kimberly-Clark and the Times Company to increase their loans for upgrading the mill to $60 million from the $40 million the companies originally offered.
He also said that he would increase federal loans for minority-owned small businesses that qualified as economically disadvantaged and that he would press federal regulators to more closely monitor financial institutions to fight predatory lending to members of minority groups -- an approach that the Clinton White House favored.
"Banks are being challenged to further increase loan-impairment coverage levels for real estate assets, while complying with stringent capital requirements.
The administration's plan included provisions increasing loan guarantees for small business to 90percentt of the loan value to encourage banks and other lenders to extend credit, and waiving the Small Business Administration's loan fees and requiring banks that received federal bailout money to report each month how much small-business lending they did.
The department also released statistics showing a 27percentt increase in direct loans for black farmers since 1997, a 108percentt increase in direct farm ownership loans and a 203percentt increase in emergency loans to black farmers in the same period.
Bianca tries to increase a loan for a new TV but discovers she has to pay off her current loan first.
As the cost of college increases, loans are becoming more commonplace for students.
About half of the increase was in loans for leveraged buyouts.
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