"The Education Department, facing persistent pleas from nonprofit student-loan providers, is trying to improve its plan to help struggling lenders by possibly offering money through its proposed loan-repurchasing service on a same-day basis," The Chronicle of Higher Education reports. "Delivering cash immediately to the lenders, even to the limited degree being considered by the department, could make the difference for some nonprofit agencies still hoping they can offer federally subsidized loans this fall, said Peter Warren, executive vice president of the Education Finance Council. The department approved Thursday the first two loan companies to participate in the rescue program. The lenders, Sallie Mae and Nelnet, can take immediate advantage of the program. Several other lenders are expected to win approval in the coming days, said Samara Yudof, an Education Department spokeswoman. The Education Department also announced that a group of four banks that will operate as custodians of the holding facility. They are M&T Bank, Wells Fargo, Bank of New York, and Zions Bank."