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Private education loans, because of generally more expensive rates and fees, should be used with caution. We strongly recommend that you should only borrow what you actually need to cover education costs. While private education loans allow for borrowing the difference between cost of attendance less any financial assistance, you may not need that much for your specific costs. We recommend that you pay strict attention to all aspects of any private education loan that you consider, and to be intentional about planning for and deciding how much you actually need to borrow in order to reduce indebtedness.