California's participation in Guaranteed Student Loan (GSL) programs are examined. Attention is directed to: the history of federal involvement in student loan programs; California's past and current involvement in federal programs; a profile of California student borrowers; and increasingly high levels of student debt and default rates under the GSL program. The objectives of the federal GSL program are to reduce financial barriers to access into postsecondary education, and to reduce financial barriers to students' choice of colleges. Since its inception in 1966, over 21 million loans totaling $35 billion have made postsecondary education possible for many students. In California, since April 1980, the GSL program has made 750,000 loans totaling $2 billion. Despite concerns about potentially high student debt levels and default rates, the California program appears to be meeting the goals of access and choice. In addition to the profile of financial aid applicants and recipients, data are included on: annual and cumulative loan volume and amount for GSL programs; federal student aid appropriations for major programs; loans guaranteed by educational segment for the California GSL program, 1981-1983. A glossary of major terms associated with the GSL program is appended. (SW)