Student loans are no joke, and most incoming freshman (as well as seasoned students) understand what they’re getting themselves into. Colleges range from approximately $25,000 to $35,000, depending on whether it’s a private school or public for in-state and out-of-state students, and doesn’t include dorming and meal plans, which can be upwards of $10,000.
With this is mind, it might make more sense to avoid a private student loan so you don’t end up in an even more stressful situation. Here are some reasons why you might want to rethink those potential loans.
- There are no borrower protections put into private loans.
- Interest rates have the potential to increase over time.
- There are no borrowing limits, which may tempt students to bite off more than they can chew.
Image via http://blog.studentchoice.org/.