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U.S. Consumer Financial Protection Bureau

Private students loans may be more of a headache than you want

Private students loans may be more of a headache than you want

Given the high cost of public and private universities, chances are most families will have to borrow some money to pay for school. But as they decide between student loans offered by the government and those offered by financial firms, consumer advocates caution families to be mindful of the rigid terms that often come with private loans. Most private loans require students to have a co-signer, often a parent or grandparent. And having someone else's name on the loan can help you get a lower interest rate since the co-signers are obligated to repay the debt if the borrower does not. But experts say that families should be careful of this arrangement. The Consumer Financial...

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