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HRD-93-1R 1 (1992-10-30)

handle is hein.gao/gaobackdz0001 and id is 1 raw text is: AUnited States lv /411 General Accounting Offle Washngton, D.C. 20548 Hunan Resources Division B-25 1116 October 30, 1992 147905 The Honorable Steve Gunderson House of Representatives Dear Mr. Gunderson: This letter responds to your request for information on the size and characteristics of nonfederal--private and state--student loan programs. Specifically, you were interested in the extent to which these programs serve nontraditional students--those who are (1) attending school less than full time, (2) age 24 or older, (3) single parents, or (4) independent of family support for determining their eligibility for financial aid. We identified 33 private and state loan programs operating in 1991 and obtained information on 31 of them.' This letter summarizes and expands on information we discussed previously with your staff. RESULTS IN BRIEF In 1991, 31 private and state loan programs provided about $493 million in loans for students pursuing their postsecondary education. In addition, families used an estimated $2.4 billion in home equity financing to finance students' college education. Most financial aid provided through these sources is targeted to traditional students, mostly students attending 2- and 4-year institutions. The programs generally required that borrowers demonstrate credit worthiness. Also, lenders generally consider a borrower's debts, loan size, income, and ability to repay the loan. Students must often meet other eligibility requirements, which usually include at least half-time attendance. 'We were unable to obtain information on two of the programs from their sponsors. GAO/HRD-93-1R, Nonfederal Student Loans C C-. 73 / 9/90

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