What is the maximum amount of student loan debt I can take out?
In New Mexico, the maximum amount of student loan debt you can take out depends on the type of loan you’re taking out. Generally, there are two main types of loans to consider in the state: federal student loans and private student loans. For federal student loans, the limits depend on the type of loan and what grade level you are in. For example, undergraduate students can take out up to $12,500 a year in Direct Subsidized and Unsubsidized Loans. Graduate students have higher loan limits, and they can borrow up to $20,500 a year in Direct Unsubsidized Loans and up to $8,000 a year in Direct Graduate PLUS Loans. Private student loans can have higher loan limits than federal student loans. However, the exact maximum amount you can borrow will depend on the lender and your creditworthiness. Generally, lenders will look at your credit score, debt-to-income ratio, employment history, and other factors when determining the maximum loan amount. Overall, it’s important to keep in mind that taking out student loans can have long-term implications, so it’s important to borrow only what you need. Before taking out a loan, make sure you understand the repayment terms and how you plan to pay off the debt.
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