More Students Turning To Private Loans

As the cost of higher education is skyrocketing, so is the debt carried by young Americans. An increasing number of college students are turning to private loans -- one of the riskiest ways to pay for schooling, according to an education organization that compared them to credit-card debt. Private student loans carry variable interest rates that are higher for those least able to afford them, up to 18 percent in 2008, according to The Project on Student Debt. A new report by the group found that the proportion of all undergraduates who took out such loans increased significantly from 5 percent in 2003-04 to 14 percent in 2007-08. Read more at:
http://www.cnn.com/2009/LIVING/personal/08/27/student.loans/index.html?eref=igoogle_cnn