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Student loan program details and repayment terms
The Guaranteed Student Loan program established in 1967 has distributed 34.28 billion in 4.7 million loans. Private lenders advance up to 1500 annually at 7 percent interest with federal or state insurance and a nine to 12 month grace period after school. Borrowers have 10 years to repay with typical payments around 30 monthly. 120 days of nonpayment triggers default remedies. Washington faces debt and policy challenges amid fluctuating reasons.
MENTIONED IN THIS ARTICLE
Congress
Department of Health, Education and Welfare
HEW
Washington
Tate