Word: guarantors
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This makes the government the guarantor of theloans, so it becomes responsible for any defaults...
...Then the guarantor tries to collect, and evenif they cannot they get fully reimbursed by thefederal government," she says. "The governmentthen hires the same collection agencies and thistime the companies receive 30 percent of anycollection they make...
...everyone is excited about the newsystem. Daniel Cheever, president of the studentloan guarantor America Student Assistance, ismore cautious about the prospects of directlending...
...system which allows the government to bypass banks and loan guarantor agencies, will be also implemented gradually University-wide--eventually affecting more than 7,000 students. The process is supposed to reduce costs by eliminating the fees charged by banks and other lending institutions...
American Student Assistance, the nation'soldest student loan guarantor, said the industryis reforming itself, to make applying for andrepaying loans simpler...