The extent to which guaranty agencies, lenders, and state secondary markets impose restrictions on Guaranteed Student Loan (GSL) borrowing that go beyond federal regulations was assessed through a survey of 53 guaranty agencies. Seventeen of the agencies imposed restrictions on GSLs that go beyond federal regulations, including not loaning to borrowers from correspondence schools, part-time students, or out-of-state students. A total of 49 agencies used commercial lenders, and the most common restrictions imposed by the lenders were the requirement of a previous customer relationship and an unwillingness to lend to out-of-state students and students enrolled in less-than-two-year programs. For the 13 agencies using direct lenders, the most common restriction imposed on borrowers was the unwillingness to lend to out-of-state students. Of the 24 agencies operating a secondary market, 7 imposed restrictions, including the following: a requirement of a minimum balance of $1,000 on loans they will purchase, an unwillingness to purchase loans made either to students from out-of-state institutions or to out-of-state borrowers attending institutions in the guaranty agency's state, and an unwillingness to purchase loans from borrowers from institutions with certain default rates. (SW)