WASHINGTON, DC, United States (UPI) -- Rising student loans offered by private lenders not only have frustrated U.S. lawmakers but left graduates buried under a mountain of debt.
While the U.S. Education Department recently proposed new regulations to help those seeking financial aid for college, The New York Times said Sunday such efforts will do nothing to limit the problem created by private lenders.
Experts say the higher interest rates and more stringent regulations used by such private organizations now represent a serious problem for students seeking higher education.
'It`s a huge problem,' said Barmak Nassirian, an official with the American Association of Collegiate Registrars and Admissions Officers.
'When a student signs the paper for these loans, they are basically signing an indenture. We`re indebting these kids for life.'
The Times said such lenders have defended their actions, citing the rising need for additional collegiate funding typically unavailable from conventional lenders.
Source:
http://news.monstersandcritics.com/business/news/
article_1315849.php/Student_debt_compounded_by_private_loans |
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