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Are there not caps on student loans in the US? In Norway student loans are given by a government body and there is a capped amount per year of studies. This eff
by runeb 10y ago
Are there not caps on student loans in the US? In Norway student loans are given by a government body and there is a capped amount per year of studies. This effectively caps the private schools tuition too.
- brianwawok 10y agoThere is a cap on what the government will directly loan, which is fairly low for undergrad, but higher for grad school. http://studentaid.psu.edu/types-of-aid/loans/federal-direct/loan-limits http://studentaid.psu.edu/types-of-aid/loans/federal-direct/... Gives you about 31k as an undergrad, and 138k as a grad student. So combined you could be 160k in debt, which adds up especially if you don't do payments for a few years. Then there is a whole other product of "private loans" where a bank gives you a loan, but the government agrees to back against loss to some degree (unsure of exact rules). Seems like this limit varies by lender, but is in the 70-120k range https://www.edvisors.com/college-loans/terms/loan-limits/ https://www.edvisors.com/college-loans/terms/loan-limits/ So all said, you can end up with a LOT of debt.
- pnutjam 10y agoThere are limits in the US as well, but I think there are ways around them. https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsid...