| With the dramatic increase in the fees charged by | | | | what she is experiencing at present or not. Just three |
| many colleges, students are considering to walk on | | | | years after law school, she is completely ruined. With |
| the most uncertain path to satisfy the payment | | | | banks ringing her every now and then, she owes an |
| requirements. And the risky path is none other than | | | | amount of around $250,000. |
| private student loans. As these loans are related to | | | | According to Lauren Asher, the President of the |
| credit card debt, these are not only risky but full of | | | | Institute for College Access & Success |
| trouble as well. | | | | (organization behind the Project on Student Debt), |
| When talking about the danger involved in this option, | | | | college students deserve more protection. The |
| the first point that comes in mind is that the interest | | | | federal government needs to take certain necessary |
| rate for private student loans varies. According to a | | | | measures. She also told that the students should |
| report called The Project on Student Debt, | | | | avoid taking private student loans; particularly when |
| undergraduates who took out these loans in the | | | | the federal loans are within the reach of students i.e. |
| educational year 2003-04 at an interest rate of 5% | | | | cheap. |
| secured similar loans at 14% in the academic year | | | | Besides the fact that discharge of private student |
| 2007-08. It was clearly mentioned in the report that | | | | loans on claims of bankruptcy is full of trouble, |
| over two-thirds of the individuals who borrowed on a | | | | private loans accompany several other demerits: |
| private basis did not enjoy the benefits of what is | | | | students taking out private loans do not meet the |
| regarded cheaper and more secure- the federal loans. | | | | eligibility criteria for payment postponement |
| Now, this aspect is a disappointing one. | | | | programs, loan forgiveness programs or repayment |
| A majority of students choose to graduate with a | | | | options on the basis of income. |
| degree in the subject of their interest but a very | | | | Remember, your present shapes your future. So, if |
| few make their way successfully into the job market. | | | | you wish to have a brighter future, taking right |
| Kristin Schlaud, who earned a law degree from | | | | decisions in the right time is very important. And |
| Wayne State University and a master's degree in | | | | private loans are certainly not an ideal option, |
| commercial real estate from John Marshall Law | | | | especially when it comes to securing your own |
| School, doubts whether her degrees were worth | | | | future. |