What is a federally guaranteed student loan? Forum

[thatsnotmyname]

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]

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]

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?

[vanwinkle]

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).

[teabag]

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

[03121202698008]

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.

[chicagolaw2013]

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]

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]

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.