Private loans are one of the riskiest ways to finance a college education. Like credit cards, they typically have variable interest rates. Both variable and fixed rates are higher for those who can least afford them--as high as 13% in June 2014. Private loans are not eligible for the important deferment, income-based repayment, or loan forgiveness options that come with federal student loans. Private loans are also much harder than other forms of consumer debt to discharge in bankruptcy. The facts and figures provided in this document reflect the most recent data available about undergraduate private loan borrowing and the evolving private loan market. The figures represent borrowing in one academic year (2011-12).