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Except for borrowers with excellent credit, most students are likely to pay more over the life of a private student loan than they would pay over the life of a federal student loan.
"Stated" income (in other words, "unverified") and "no doc" loans were probably not a great idea, except for borrowers who were well known to the lender or already had documents on file.
Similar(58)
§ 201.22 Credit requirements for borrowers.
But relief for borrowers is at hand.
Payment shock for borrowers is nigh.
That reduces interest rates for borrowers, too.
This would obviously be good for borrowers.
Still, there may be hope for borrowers.
Income limits for borrowers vary.
For borrowers, the implications are subtle.
Certainly not for borrowers, that is.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com