by Mariareese » Wed Oct 08, 2014 1:10 am
Private student loans from banks typically come with variable interest rates, which means that borrowers who misunderstand the conditions of loan can be shocked to find what they owe in the end. In addition, private loans offer limited consumer protections, leaving borrowers who get into trouble with some options other than default. This makes it difficult for them to get jobs, credit or to even rent apartment. The adverse consequences of a single default can last many years.
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