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Q:Is guaranteed student loan program option safer?
A:Guaranteed student loan program is a safe choice as it comes with assurance from the lender. The lender takes the responsibility to ensure loans are paid back therefore no detailed credit check is required for such loans. The lender can be the federal government or a private institute, bank etc that gives the loan to the student.
Q:Can you please name some government guaranteed student loans?
A:Government Guaranteed Student Loans are loans offered under the federal financial aid program. These include the Perkin loans, Stafford loans, and Parent PLUS loan programs. You can find more information about these loans by browsing through our website. We have detailed information about each one of these stored for you.
Q:What is meant by guaranteed student loans?
A:Guaranteed student loan refers to those loans in which a third party is involved for loan payment process. First some of the federal loans were guaranteed student loans but after 2010 this changed and now federal loans are given directly to the deserving students without the involvement of any third party.
Q:What happened to guaranteed private student loans?
A:The term 'guaranteed' refers to the fact these loans were made b y third parties lenders, such as banks, but the loans were guaranteed. These were abandoned in 2010 as it was felt by the current Administration, the banks were benefitting from a Federal Government guarantee , but not necessarily use this guarantee to make affordable loans.
Q:However, students can still avail private guaranteed student loans if they have been denied federal student loans?
A:Students can apply for federal loans by filling out a FAFSA form online. These loans are designed for students that have a low income and need financial assistance for college. The application and eligibility criteria is simple. Students must demonstrate a need for monetary help by filling out the form.
Q:How do I apply for guaranteed student loans?
A:Since 2010, there are no more government guaranteed student loans, as the Department Of Education is now paying these loans directly without the involvement of any third party or a private lender. According to the new act of 2010, there is no need of federal government guarantee in Stafford Loan and PLUS loans. However, your point of contact maybe a private organization, working on behalf of the Department of Education to provide loan service.