If you’re a follower of this blog, then you already know that I’m not a big fan of private student loans. They just stink. They tend to have higher interest rates and stricter repayment terms compared to their federal counterparts, and federal programs such as consolidation and Income-Based Repayment are not available. Private student loans often require a co-signer, something I’m also not a huge fan of because many people don’t realize that the co-signer is just as legally responsible for the loan as the borrower. Like federal student loans, private student loans typically cannot be discharged in bankruptcy (although it is not impossible).
Want to know my absolute least favorite thing about private student loans?