More students took out private loans in 2007-8 borrowing less than they could have in federal Stafford Loans—which is way up from just four years ago, according to theU.S. Education Department data released by the Project on Student Debt. That group includes students who did not apply for federal financial aid, as well as those who did apply but either did not borrow a Stafford Loan or borrowed less than they were eligible for. In 2003-4, 48 percent of students who took out private loans did not exhaust their Stafford Loan eligibility. What's up with that ? Folks in the financial aid office need to work harder. Actually, Speedy has found that nearby here in the Northern Virgiania, Montgomery, and Howard County Community Colleges, the financial aid officers are very helpful. Speedy found the most helpful officers were at CUNY in New York City. They're just giving out money.
The report says the proportion of students taking out private loans grew from 5 percent in 2003-4 to 14 percent in 2007-8. The analysis also looked at the characteristics of students who took out such loans. It found that 63 percent of them attend colleges charging $10,000 or less in tuition and fees. It also notes that for-profit and private nonprofit four-year institutions have a disproportionate share of students taking out private loans. Hmmm, someone pitching something ? Speedy smells a money trail.... and by the way, FAFSA application is not difficult to fill out... if you cant fill out an 8 page (online) document, don't go to college.
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