Feb
1
Education Loans – Students are relying more and more on private lenders to fund their college educations. Last year, private college loans totaled $17.3 billion and accounted for one out of every five dollars borrowed for college, according to the College Board. A decade ago, private lenders provided only 4 percent of college loan money.
Soaring college costs are driving the trend.
When Sharlyne Woodbury was accepted to Northeastern University, she scrambled to scrape together cash for tuition and fees. Government loans helped, but because they have borrowing caps, her financial aid adviser recommended supplementing federal aid with private loans. Read more