Private student loans are one of the riskiest ways to pay for college. They have much more in common with credit cards than they do with federal student loans. Private loans typically have variable interest rates that are higher for those who can least afford them – as high as 14.24% in 2019 – and they lack the important consumer protections and repayment options of federal loans.
The Project on Student Debt is working to improve consumer protections for private loan borrowers and ensure that students and families have the information they need to make safe and smart borrowing decisions.
