More than $ 50 billion fund student loans were paid in 2006 under the Federal Family Education Loan Program. States in 1966, this program is the basis for the student loan programs such as the Perkins Loan, Stafford and PLUS loans. This program was established by an Act of Congress into being and has distributed billions and billions of dollars to students for their education in the past 40 years.
The government, in a sense serves as a guarantor for loans under this program gives the banks more secure in lending to students and parents for college fund. Because of this and many different types of lenders are willing to have a share of the loan program. continue reading…
