| Author(s): | Harnisch, T |
| Title: | The public realities of private student loans |
| Source: | http://congressweb.com/aascu/docfiles/pmapril08... |
| Date: | 2008 |
| Organization: | American Association of State Colleges and Universities |
| Short Description: | The use of private loans to finance students’ college education has increased dramatically in the last decade. Insufficient public financial aid support, a complex federal aid application process, aggressive marketing by private lenders, and an unwillingness by some parents to borrow under the federal PLUS program are leading students to take out what can be costly student loans. |
| Annotation: | The use of private loans to finance students’ college education has increased dramatically in the last decade. Insufficient public financial aid support, a complex federal aid application process, aggressive marketing by private lenders, and an unwillingness by some parents to borrow under the federal PLUS program are leading students to take out what can be costly student loans. These loans can lead to an immense debt load, especially for young borrowers. Officials at the federal, state and institutional levels must work collectively to provide greater transparency and consumer protection in the private student lending industry so that students have access to clear, impartial information on financing postsecondary education. |
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