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Released: July 26, 2012
Better disclosure for private loans
Source: New York Times (Paid Registration)
About two-thirds of bachelor’s degree recipients borrow to complete their educations. The fortunate among them rely on federal loans that offer a low, fixed-interest rate and broad consumer protections that allow them to defer payments — and stay out of default — if they lose their jobs. But many students have been roped into costlier private student loans that have variable interest rates and few consumer protections. This means that borrowers who fall on hard times have few options other than default, which can make it more difficult for them to obtain credit, find jobs or rent apartments.Read Full Article: Better disclosure for private loans
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