06/05/2012 08:24 am ET Updated Aug 05, 2012

JPMorgan Chase Charging Credit Card-Like Rates On Student Loans

JPMorgan Chase & Co. (JPM) charges Mirella Tovar as much as 10.25 percent annual interest on her student loans -- a rate as high as a credit card.

The 24-year-old aspiring graphic designer, the first in her family to go to college, is among millions of former students paying off high-interest loans to private lenders, among them JPMorgan, SLM Corp. (SLM) and Discover Financial Services. In a good month, Tovar earns $730 as a part-time hostess in a pizza parlor, and most of that money goes toward her debt of $98,000.

Read more on Bloomberg