What are GATE loans, and why doesn my university participate?

Gate Loans participate
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What are GATE loans, and why doesn my university participate?

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GATE loans is a nonprofit private loan program (Guaranteed Access to Education) offered through participating schools in conjunction with Bank of America, Bank of Boston, and the National Collegiate Trust (NCT). There is a minimal credit check and schools can recommend whatever loan amount they’d like the student to receive. The interest rate is also rather low. Students and parents should call 1-617-639-2000 for more information about the program (in New York, 1-212-551-3650).

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Mark Towers

Such loans are just awful. I mean, you’ll be in debt for years which isn’t a good thing obviously but some people just don’t have other options. I myself prefer to stay away from loans but I use https://cataloguesforbadcredit.co.uk/ sometimes if I need to buy something expensive.

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GATE loans is a nonprofit private loan program (Guaranteed Access to Education) offered through participating schools in conjunction with Bank of America and the National Collegiate Trust (NCT). There is a minimal credit check (no FICO score or cosigner requirement) and schools can recommend whatever loan amount they’d like the student to receive. The interest rates range from LIBOR + 2.35% to LIBOR + 8.85%, with fees of 0% to 9%. The loan term is 13 to 20 years. The GATE loan program has been suspended effective June 15, 2008. If this program is so wonderful — no loan limit, no credit check, low interest rate — why don’t more schools participate? There are several reasons why a university might not want to participate in this program: There is some risk-sharing by the schools. As a result, the program will be most attractive to schools with a low default rate. There are no federal guidelines or regulations governing this loan program. Membership is not open to two-year colleges.

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GATE loans are processed through a nonprofit private loan program (Guaranteed Access to Education) offered through participating schools in conjunction with Bank of America, Bank of Boston, and the National Collegiate Trust (NCT). There is a minimal credit check and schools can recommend whatever loan amount they’d like the student to receive. The interest rate is also rather low. Students and parents should call 1-617-639-2000 for more information about the program (in New York, 1-212-551-3650).

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