Student Loan Horror Stories

With the cost of college continuing to rise and the economy still stagnating, the student debt burden has swollen to a record $1 trillion.
Mark Kantrowitz, publisher of Fastweb.com and FinAid.org, believes that one of the main culprits behind the student debt crisis is the private student loan sector.
“Students are following their dreams and don’t pay attention to their debt,” Kantrowitz says. “They sign whatever piece of paper is put in front of them, figuring they’ll pay it back when they graduate.”

Unlike federal loans, private loans usually come with variable interest rates that seem low at first glance but can skyrocket by 5 points over the loan’s lifetime. They also offer far fewer options for cash-strapped graduates struggling with payments, such as deferment, lengthy forbearance periods and income-based relief…

http://finance.yahoo.com/news/9-unbelievable-student-loan-horror-stories-165512874.html?page=1

Thanks to HL for the above link.