"I remain committed to making sure students and their families continue to have access to Federal loans for this school year and beyond," Spellings said in a news release.

Spellings said the department would buy Federal Family Education Loan Program loans to ensure students have continued access to federal student loans. The purchase program is designed to minimize potential disruption in student lending by providing liquidity.

She said she was taking the action "to protect students and their families during the unprecedented current market conditions and taking necessary steps to help ensure continued, successful disbursements of student loans."

The department expects to purchase up to $500 million in loans each week, up to a total of $6.5 billion during the designated time frame, Spellings said. While the price and types of types of eligible loans won't change, some other terms may have to be adjusted to ensure cost neutrality, she said.