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AN INITIATIVE by the Higher Education Funding Council for England to buy out institutions' inherited debt has been oversubscribed eight times. The council launched the scheme last December to redeem universities' and colleges' outstanding debts to local authorities in a lump sum, and so relieve its own commitment to meet interest payments. But it has been able to fund only the two proposals which saved it most money. The council will continue to meet interest payments to the other institutions and review its financial situation at the end of the year.