What is the maximum amount of student loan debt I can take out?

In Virginia, the amount of student loan debt you can take out depends on several factors, including the type of loan you have and the cost of your education. Federal loans have a statutory limit of $31,000 for a dependent undergraduate student and a cumulative limit of $57,500 for an independent undergraduate student, including any loans borrowed for prior educational expenses. Private loans, on the other hand, typically have a limit of $50,000 or less, which varies depending on the lender. Additionally, some lenders have higher limits for graduate and professional degree programs. It is important to remember that the amount of student loan debt you can take out is not the same as the amount you can borrow. Since the amount of financial aid you can receive is limited by the cost of your education, you may be able to take out a greater or lesser amount of student loan debt than the maximum statutory limit. Also, keep in mind that the amount of student loan debt you take out now could limit the amount you can take out in future loan periods. It’s important to remember to limit your student loan debt to what you can realistically pay back after you graduate. This is why it’s important to borrow responsibly and only take out what you need.

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What is the maximum amount of student loan debt I can take out?

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