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HELENA - Two Montana student loan agencies have submitted hundreds of pages of documents to Sens. Max Baucus and Jon Tester. And in response to the senators' inquiries, the agencies defended their operations and investments.

The packet of documents was sent late last week by officials of the Montana Higher Education Student Assistance Corp. and the Student Assistance Foundation.

The senators sent the two private nonprofits a series of 14 questions on April 25, so they could assess the state of the student loan market and why MHESAC faces losses.

Their inquiry came after news that SAF had laid off 23 employees and MHESAC had suspended its student loan consolidation program.

The agencies have been caught up in the national credit and liquidity crunch.

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