Over the years, I’ve worked with many families who are shocked to hear that their children cannot borrow the full amount that they need to cover all college expenses not covered with financial aid. Undergraduates are actually quite limited in the amount they can borrow in their name alone: $5,500 for their first year, $6,500 for sophomore year, and $7,500 for junior and senior years. That’s only $27,000 in Federal Direct Loans for a student who is enrolled for four years. With high college expenses, these limited amounts may not go far in terms of covering that tuition bill.
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