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Reply to "How to pay for college: specific scenario "
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[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] Those are the limits for federal unsubsidized loans, which any student can get regardless of need. Undergrads can take out something like $57k including unsubsidized loans, which you can only qualify for if you have need. But of course these loans accrue interest, and the unsubsidized loans accrue interest as soon as you borrow. Lots of students defer payments or do an income contingent plan. All the while the interest accrues and compounds, which is how you have people who have never missed a loan payment but then ten years later still owe the same amount. [/quote]
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