"The credit crunch that has so far caused more than $100 billion of losses for big Wall Street investment firms now extends to students in Michigan, and it could soon hit many other borrowers, ranging from California museums to the prestigious Deerfield Academy prep school in Massachusetts," The Wall Street Journal reports. "In the past few days, problems have mounted for many borrowers as an obscure - but important - corner of the credit market called auction-rate securities has gone into a deep freeze. Yesterday, the Michigan Higher Education Student Loan Authority, a state agency, said on its Web site that 'due to the current and unprecedented capital-markets disruption' it will stop making loans under the state's Michigan Alternative Student Loan, or MI-Loan, program. More than 100 Michigan colleges and universities participate in the program. 'If student loan providers are having trouble raising money, then that's a concern for us,' says Justin Draeger, spokesman for the National Association of Student Financial Aid Administrators. Peter Warren, vice president of government relations for the Education Finance Council, which represents nonprofit lenders and state lending agencies, said that while Michigan may be the only state yet to announce a student-loan halt, others are "seriously evaluating" the viability of their programs."