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Students feel pinch of rate increases

WAUKESHA - Leanne Suhfras, 19, predicted shed be taking out student loans to attend Gordon College, a small, private Christian college near Boston.

But what the Waukesha North High School graduate couldnt forecast was a sharp increase in her loan interest rates.

As of July 1, interest rates increased on Stafford loans and parent PLUS loans, the most common type of students loans.

The interest on old Stafford loans increased from 5.13 percent to 7.14 percent and to 6.8 percent on new student loans, according to a June report issued by the Campaign for Americas Future, a political action group.

Lawrence Silver can be reached at lsilver@conleynet.com

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Beleaguered GTSI sheds reseller model

In June GTSI entered into an agreement with Bank of America and Sun Trust Bank for a $125 million credit line and $10 million in subordinated debt.

The company also hired Joseph Ragan as vice president of finance and corporate controller to take charge of all accounting functions, credit and collections, and other company finances.

As of last week, we had $145 million credit facility, more than enough to get us through this year, next year and probably years to come, Leto said. It speaks volumes of the banks confidence in our ability to survive as a company.

In the first two months we were here, we took our aged receivables down to the $10 million level, which is an acceptable level, he said. As a result of that, we paid down a $58 million [revolving debt] so that at the end of May, we had zero debt on our balance sheet.

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