By: Nicolas Hallett
When it comes to financing her education, University of Minnesota art and psychology freshman Aubrey Peng doesn’t have a choice.
This academic year alone, Peng will borrow $25,000 in private student loans. She said she has no plan in place to pay off her debt after graduation.
Private student loans, or PSLs, account for 15 percent of the country’s $165 billion outstanding student loan debt despite being only about 7 percent of all student loans taken out last year, according to a U.S. Public Interest Research Group report released Oct. 24.