NEW YORK, March 27 (Reuters) - US Airways Group (U) is evaluating a possible application for the U.S. government's loan guarantee program, according to an industry source. Arlington, Virginia-based US Airways would be the second major U.S. airline to seek part of the $10 billion loan segment of the Bush administration's airline bailout package. Legislators pushed through the $15 billion aid deal -- including $5 billion in cash assistance -- after the Sept. 11 attacks on the United States. Federal regulators last year approved the loan guarantee application of America West Airlines, a unit of America West Holdings Corp. (AWA), but only after demanding it offer the government warrants for 33 percent of its common stock and keep labor costs under tight rein. Regional carrier Vanguard Airlines (VNGD) and small private air carrier Frontier Flying Service Inc. have also applied. US Airways recent moves to gain cost cuts from its unions suggest that the airline is evaluating an application for the loan program, the source said. Earlier this week the airline's new Chief Executive and President David Siegel said that the carrier's current wage payment formula could change as US Airways seeks to slash expenses and curb losses. ©2002 Reuters Limited.