Student loans must be underwritten by a
guarantor. Acceptable guarantors may be:
a. A
citizen or permanent resident of the United States with certified good
financial standing, who signs an agreement pledging to repay the unpaid
balance of the debt should the loan recipient default. In the case of either
one or multiple loans to students, the guarantor must have an annual salary of
at least five times (or net assets of fifty times) the total amount of the
loan (s) being guaranteed. If a student receives more than one loan for
the same degree and program of studies, the loan shall be consolidated into
one loan for administrative purposes, including collection. However, if
different guarantors have secured those loans, the individual responsibility
of each guarantor for the total outstanding balance shall be proportionate to
the amounts they guaranteed, but in no case shall a guarantor be responsible
for an amount in excess of the amount he or she initially guaranteed plus any
penalties for late payment as permitted under the Agreement.
b. The
guaranty of a financial institution, person, or other entity which, in the
opinion of the Committee, provides adequate security.
For additional information
and required documents
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