Student loans, especially private student loans, are a hot topic in the media these days. We continue to hear disturbing stories about borrowers with massive debt and little hope for paying it back. Fortunately, this type of situation is not the norm.
Unfortunately, these stories have encouraged the spread of false information about private student loans. In this article, we reveal the facts, so you can make the best decisions about paying for your college education.
Recent trends (available on BankRate.com) show the relative stability of the LIBOR and WSJ Prime rates. Huge upward or downward swings are rare. Longer-term, the interest rates may increase.
If you think you need to borrow to pay for college, borrow smart. First, look for money that doesn’t have to be repaid, like grants and scholarships. Then, consider federal student loans, and finally, private loans.
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