Illinois’ U.S. Senator Dick Durbin is calling on his colleagues to pass his Know Before You Owe Act, a measure that would help college students understand the range of educational loan options before they borrow. Durbin says most undergraduates with private loans didn’t know they were eligible for safer, and cheaper, federal loans. Federal student loans have fixed interest rates and offer a range of consumer protections and favorable terms to make repayment more manageable. By contrast, private loans often have uncapped variable interest rates and few, if any, customer protections.