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In response to attempted sale of federal property in California - which culminated in the execution of a confidential bid process earlier this year - the Department of Education has promised not only to block the sale, but has released plans to completion EdFund until the end of October and select a replacement guarantor itself.Others, in cooperation with the federal government in the past guaranteed loans transferred to the Federal College, but transferred to the auction guarantee of rights, as planned in California, is unprecedented. According to the Department of Education, student loans are guaranteed to transfer done, "based on the needs of borrowers, institutions and the federal fiscal relations of interest," not for the purposes of withholding federal deficits.EdFund the value dropped significantly because of the recession and the Federal Government dismantling earlier this year of the Federal Republic of Family Education Loan Program (FFELP), a third-party student loan program through banks and other private lenders federal parent and student loans to borrowers on behalf of the government. In place of the buffalo program, the Ministry of Education began issuing all provinces education loans directly to borrowers, cutting out the intermediary lender, and many providers and guarantors. As a result EdFund was forced to start originating new non-federal private student loans, the lost revenue.Nevertheless, would still EdFund Services, about half of the federal student loan previously taken at California schools, fees make these loans, and its closure mean an end to tens of millions of dollars in annual contributions Cal Grants, a state system of financial aid, pay tuition fees for low-income California residents attending a California school.If EdFund is closed, would come to state legislators with the money elsewhere to fund Cal Grants or face the limitation of student access to financial aid program.