March 19, 2009
Students Will Start Paying Sooner Under New Private Loans
Arlington, Va.
With defaults rising and investor confidence low, banks and other lenders are rethinking the way they structure private student loans.
On Monday, the nation’s largest student-loan provider, Sallie Mae, will begin requiring borrowers who take out its private loans to make interest payments while they are still in college and repay their loans in 15 years or less, rather than the typical term of 15 to 25 years. The company’s goal is to reduce the costs of borrowing, thereby
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