What is a federally guaranteed student loan?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
thatsnotmyname
Posts: 256
Joined: Sat Jul 11, 2009 1:31 am

What is a federally guaranteed student loan?

Postby thatsnotmyname » Sat May 22, 2010 12:48 am

On GULC's LRAP webpage it says: "Starting with the January through June 2010 term, the only student loans that will be covered under the LRAP III program will be federal guaranteed student loans ..."

So what is a federal guaranteed student loan? Would that be only Stafford Loans?

What about other LRAP programs (specifically NYU)? Does NYU cover ALL loans that were taken to cover law school expenses or only ones that are federally guaranteed (whatever that means)?

03121202698008
Posts: 3002
Joined: Fri Jul 17, 2009 2:07 am

Re: What is a federally guaranteed student loan?

Postby 03121202698008 » Sat May 22, 2010 12:53 am

thatsnotmyname wrote:On GULC's LRAP webpage it says: "Starting with the January through June 2010 term, the only student loans that will be covered under the LRAP III program will be federal guaranteed student loans ..."

So what is a federal guaranteed student loan? Would that be only Stafford Loans?

What about other LRAP programs (specifically NYU)? Does NYU cover ALL loans that were taken to cover law school expenses or only ones that are federally guaranteed (whatever that means)?


Stafford and GradPlus are both federally guranteed loans.

thatsnotmyname
Posts: 256
Joined: Sat Jul 11, 2009 1:31 am

Re: What is a federally guaranteed student loan?

Postby thatsnotmyname » Sat May 22, 2010 12:59 am

blhoward2 wrote:
thatsnotmyname wrote:On GULC's LRAP webpage it says: "Starting with the January through June 2010 term, the only student loans that will be covered under the LRAP III program will be federal guaranteed student loans ..."

So what is a federal guaranteed student loan? Would that be only Stafford Loans?

What about other LRAP programs (specifically NYU)? Does NYU cover ALL loans that were taken to cover law school expenses or only ones that are federally guaranteed (whatever that means)?


Stafford and GradPlus are both federally guranteed loans.


For Stafford loans you are limited to like $20,000/yr or something, right? Is there a similar restriction for GradPlus loans?

User avatar
vanwinkle
Posts: 9740
Joined: Sun Dec 21, 2008 3:02 am

Re: What is a federally guaranteed student loan?

Postby vanwinkle » Sat May 22, 2010 1:01 am

thatsnotmyname wrote:For Stafford loans you are limited to like $20,000/yr or something, right? Is there a similar restriction for GradPlus loans?

No. GradPlus loans are designed to cover whatever other programs like Stafford won't. There's no limit, they're just more expensive (higher interest rate).

User avatar
teabag
Posts: 16
Joined: Thu May 20, 2010 6:14 pm

Re: What is a federally guaranteed student loan?

Postby teabag » Sun May 23, 2010 3:50 am

stafford loans but they dont give you enough $ to cover gulc. you will need additional private loans.

03121202698008
Posts: 3002
Joined: Fri Jul 17, 2009 2:07 am

Re: What is a federally guaranteed student loan?

Postby 03121202698008 » Sun May 23, 2010 7:00 pm

teabag wrote:stafford loans but they dont give you enough $ to cover gulc. you will need additional private loans.


Not even close. Grad Plus are federal loans will cover up to the schools stated cost of attendance.

User avatar
chicagolaw2013
Posts: 584
Joined: Fri Jan 16, 2009 5:16 pm

Re: What is a federally guaranteed student loan?

Postby chicagolaw2013 » Mon May 24, 2010 7:07 pm

blhoward2 wrote:
teabag wrote:stafford loans but they dont give you enough $ to cover gulc. you will need additional private loans.


Not even close. Grad Plus are federal loans will cover up to the schools stated cost of attendance.


Grad Plus isn't "guaranteed" though. Only "guaranteed" if you have good credit or a cosigner. Just FYI.

03121202698008
Posts: 3002
Joined: Fri Jul 17, 2009 2:07 am

Re: What is a federally guaranteed student loan?

Postby 03121202698008 » Tue May 25, 2010 8:18 am

chicagolaw2013 wrote:
blhoward2 wrote:
teabag wrote:stafford loans but they dont give you enough $ to cover gulc. you will need additional private loans.


Not even close. Grad Plus are federal loans will cover up to the schools stated cost of attendance.


Grad Plus isn't "guaranteed" though. Only "guaranteed" if you have good credit or a cosigner. Just FYI.


You don't need good credit...just not bad credit. They use virtually the same standards as the Stafford loans do.

Geist13
Posts: 739
Joined: Sat Oct 10, 2009 3:21 pm

Re: What is a federally guaranteed student loan?

Postby Geist13 » Tue May 25, 2010 8:29 am

chicagolaw2013 wrote:Grad Plus isn't "guaranteed" though. Only "guaranteed" if you have good credit or a cosigner. Just FYI.


the guaranteed part of "guaranteed loans" does not refer to a guarantee of loan approval.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 2 guests