Thousands dead in Chinese quake, todays news..

A powerful earthquake has killed at least 10,000 people in China's south-western Sichuan province, up to 5,000 of them in just one county. Many more have been killed and injured in other parts of the country after the 7.8-magnitude quake struck at 1428 local time (0628 GMT). At least 50 bodies have been recovered from the rubble of a school where an estimated 900 students were buried.

President Hu Jintao has urged "all-out" efforts to rescue victims. Search teams were sent to the area but struggled to get through because routes were blocked. The BBC's Michael Bristow, in nearby Chongqing, said torrential rains had also prevented helicopters gaining access. With communication links down, he says there is still no real indication of the death toll at the epicentre, in Wenchuan county, about 92km (57 miles) from Chengdu, Sichuan's provincial capital. Read full story on this site..

source: BBC News UK

Federal Home Loan Mortgage Corporation

The Federal Home Loan Mortgage Corporation ("FHLMC") NYSE: FRE, commonly known as Freddie Mac, is a government-sponsored enterprise (GSE) of the United States Government. As a GSE, it is a stockholder-owned corporation authorized to make loans and loan guarantees. The FHLMC was created in 1970 to expand the secondary market for mortgages in the United States. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. The name "Freddie Mac" is a creative acronym-portmanteau of the company's full name that has been adopted officially for ease of identification

Student loans in the United States

While included in the term "financial aid" higher education loans differ from scholarships and grants in that they must be paid back. They come in several varieties in the United States:

• Federal student loans made to students directly: No payments while enrolled in at least half time status. If a student drops below half time status, the account will go into its 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
• Federal student loans made to parents: Much higher limit, but payments start immediately
• Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.