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Reply to "Anyone else preparing to take our parent loans for 2023-2024? If so, how much"
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[quote=Anonymous]https://studentaid.gov/help-center/answers/article/what-is-current-interest-rate-for-direct-unsubsidized-loans “For undergraduate students, the interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans is 4.99%.” For your child, barring extenuating circumstances (i.e. your child is married or has their own child), the limits for direct loans are as follows: $5500 freshman year $6500 sophomore year $7500 junior year $7500 senior year These would be in your child’s name. Need to fill out FAFSA to get these & your kid must accept/decline them each semester. These are certainly the “best” loan option there is for an undergraduate. If you need to take out more than that, please pick another school. It’s one thing to have to possibly take out a parent loan for spring semester senior year of college to get the kid across the finish line, but if you’re already planning to that’s a bad sign.[/quote]
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