6 things to know about private student loans

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After colleges send out their financial aid award letters, any gaps that are left will need to be filled with college savings or private student loans. Unfortunately, navigating private loans isn’t as easy as it sounds. A 2012 survey by Young Invincibles, a youth advocacy nonprofit in Washington, D.C., shows that among students who only took out private loans (no federal loans), nearly 70 percent were not informed of their other options. Before signing on the dotted line, here’s what you need to know about private student loans.

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