#3
Private Loan Variable Rate Bait-and-Switch
Private loan variable rate bait-and-switch entices with low teaser rates that can balloon to over 14% after graduation, leaving borrowers without federal protections like income-driven repayment. A $40,000 loan at a 4% teaser rate can cost $30,000 more in interest over 10 years if rates spike to 14%, based on Federal Reserve rate trends.
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