What are GATE loans, and why doesn my university participate?
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).
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.
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).
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.
Even if one needs a personal Bank consumer loans(vay tiêu dùng ngân hà ng), many do not apply because they hear about the difficulties one has to go through to get approval. However, most of them are myths or, even if true, are not as hard to tackle if only one has some sound financial planning.
