Kate Beckett usually answers to Kate Castle (ktbecks) wrote in thedoorway,
It's a terrible practice. It was horrible a decade ago when I was in college, and its only gotten worse as federal funding is cut. Of course NYU and Columbia are private schools, but the cost of keep the doors open means the cost of attendance has to rise.
Well, federal loans have an interest rate that is set every few years and that's your rate for the term of the repayment. Borrowing from a private lender is where your interest rate will be insane. But federal loans obviously come with caveats like American citizenship.