The Many Pitfalls of Private Student Loans - The New York Times:
"Many student borrowers often accept the financial aid packages set before them, which may include piles of private loans that cover what federal loans do not. But students often do not realize that private loans can cost more and come with few escape valves if they can’t afford their payments. Their parents and relatives aren’t always aware of the consequences, either. Yet when they co-sign the loans — and roughly 90 percent of private loans have co-signers — they are fully liable."
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