U.S. To Forgive at Least $108B in Student Debt in Coming Years

Re:U.S. To Forgive at Least $108B in Student Debt in Coming ... by runeb on Wednesday November 30, 2016 @10:10AM (#13071324)

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.

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Re:U.S. To Forgive at Least $108B in Student Debt in Coming ... by brianwawok on Wednesday November 30, 2016 @10:38AM (#13071554)

There 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/...

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/

So all said, you can end up with a LOT of debt.

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Re:U.S. To Forgive at Least $108B in Student Debt in Coming ... by pnutjam on Wednesday November 30, 2016 @11:29AM (#13072049)

There are limits in the US as well, but I think there are ways around them. https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsid...

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