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Reply to "How to pay for college: specific scenario "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If students can only take out $6k in loans a year why are all of these people walking around with $100k in student debt? I don't understand where they're getting this money. [/quote] This doesn't make sense and a relative of my husband's has several hundred thousand in student debt. They are very secretive about it outside their go fund me.[/quote] The $6k is for the Stafford loan, the first and most common loan given to students. It’s not need based, so almost everyone gets it. It’s a “good” loan, because the payments are deferred until after graduation and it’s a lower interest rate. But there are PLENTY of private loans, with less favorable terms, that students and/or parents can take out. [/quote]
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