ACE student loan report:According to a new report by the American Council on Education, about one of five undergraduate private loan borrowers did not take advantage of federal student loans that offer lower interest rates and more flexible payment options, even though they appeared to be eligible for this aid. This information is consistent with findings in other studies conducted this year. There is no consensus on why the students did not act in their own best interests or on the set of steps campuses should take to better educate student borrowers.