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Author(s):Kantrowitz, M
Title:Characteristics of private student loan borrowers who do not use federal education loans
Short Description:This policy paper discusses several previously undiscovered reasons why some students choose to borrow for college using private loans instead of federal loans, and proposes changes in student aid policy to address the causes of this trend.
Annotation:More than one quarter of undergraduate private student loan borrowers and nearly one third of graduate private student loan borrowers do not borrow from the federal Stafford loan program. Very little is understood about why these students do not borrow from the federal student loan programs, given that the federal Stafford loan is cheaper, more available and has better repayment terms than private student loans. This policy paper discusses several previously undiscovered reasons why some students do not borrow federal first, demonstrates that these factors account for much of this trend and proposes changes in student aid policy to address the causes of this trend.
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Associated Keywords:
Borrowing/Student Debt
Financial Aid

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