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"We had folks who never needed aid before and now they have one, two parents unemployed, " says Vincent Amoroso, the school's director of student financial services.

WSJ: Kids Feel Pinch of Parents' Unemployment

Fees on these loans also can reach 33% of the outstanding balance if a student becomes seriously delinquent, according to Thomas Melecki, the director of the university's office of student financial services.

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