Private student loans often take center stage in conversations about college debt. You’ve likely heard stories of borrowers overwhelmed by debt with no escape. While such cases do occur, they’re less common than they might seem. Unfortunately, these stories have fueled plenty of confusion and myths about private loans. This article aims to set the record straight, providing you with the facts to make informed decisions about financing your 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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