Re:Being a good guy boss left me £1.2m in debt
by P_I_Staker on Thursday November 07, 2019 @09:57PM
(#21479631)
It's worth noting that many students get supplemental loans, and some do use it to bolster their lifestyle. I have a friend that never worked, and got no help from his parents. He did splurge for slightly nicer housing, but it was reasonable (~$400/mo vs $250-350). However there were other people that bought TVs with it. Never heard anything about luxury college housing, unless your parents were loaded.
The maximum you can get in Federal undergraduate student loans as a dependent freshman is $5.5k / year. If you go over that you have to get private student loans, and most people don't get private loans. 92% of student loans are Federal and the remainder are private. https://www.nerdwallet.com/blog/loans/student-loans/student-... Nobody is going to be able to afford a luxury apartment plus tuition on that a year.