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The Boston Globe

Business

US seeks more payment flexibility for private student loans

WASHINGTON — The Consumer Financial Protection Bureau this week issued a series of proposals to create more flexible repayment plans for the millions of Americans struggling with private student loans.

Such loans, which are offered by banks and other financial firms, account for $150 billion of the $1 trillion in outstanding student loan debt, but they have come under increased scrutiny. They generally carry higher interest rates and fewer protections than federal loans.

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