NAICU - Tempted by a private student loan? Read this first

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Tempted by a private student loan? Read this first

Associated Press

July 14, 2010

Faced with last-minute college costs, it's tempting for families to turn to private student loans this time of year. The danger is that borrowers may assume they come with the same terms as federal student loans. But the loans doled out by banks are far inferior; they're costlier and don't carry as many protections in case borrowers run into financial trouble. If you're thinking about taking out a private student loan, here's what you should know.

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