Word: loanprogram
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Borrowers allege that Dime set up a loanprogram in the late '80s called the "no documentloan program" which ensured loan approval within48-hours. Vital information about those who tookout loans was not verified under this system
Borrowers and other sources allege Dime deviseda scheme in the late '80s in which it granted asmany loans as it could give, through a 48-hourloan approval program called the "no document loanprogram...
Under the current Federal Family Education LoanProgram, banks provide the money for loans and thegovernment pays the interest until the studentleaves school...
Nationwide, the new lending plan will be phasedin starting next year with 5 percent of allstudent loans going through the direct loanprogram, she says. That number will then increaseto 40, 50, 50 and 60 percent respectively in theyears through 1998, when the old program and thereforms will be reevaluated...
Under the current Federal Family Education LoanProgram, students apply for loans throughcolleges. Banks provide the money and thegovernment pays the loan's interest until thestudent leaves school. If a student defaults, oneof 47 guarantor agencies repays the lender andthen tries to collect the debt...
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