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College students' use of private loans drops by half
Conducted for the National Center for Education Statistics (NCES), the study examines the use of private loans by college students over time and compares it to their use of federal loans. Private loans differ from federal loans because they originate from banks, credit unions or other commercial entities, and are not federally guaranteed. Generally private loans have stricter terms and harsher penalties for non-payment than federal loans do, said Jennie Woo, Ed.
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