This national study of the rapidly growing private student loan market says that non-governmental loan funds are becoming a critical factor for college students deciding where to go to college. Private loans are increasingly being used to pay for higher-priced colleges and have become a crucial source of support for students attending law school, medical school, and other professional programs, the study says. Private loans also are being used to cover the growing gap between the amounts students and families are willing or able to pay for college and the actual costs of attendance after other aid is taken into account. Also, many private loan borrowers already borrow the maximum for which they are eligible under federal loan programs.
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Private Loans and Choice in Financing Higher Education
Published: July 2003