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“@type”: “Question”,
“name”: “How much student debt is too much?”,
“acceptedAnswer”: {
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“text”: “According to FastWeb, ideally, your amount of student loan debt should be less than what you expect to earn your first year after graduation, typically your starting salary. If the amount you plan to borrow is equal to or more than your starting salary, it may be more challenging to pay your loans back after leaving school.
The amount of student loan debt you can afford to take on will depend on your expected expenses, income, budgeting skills, and lifestyle after graduation, as well as any other debts you may have acquired while in school. If you can make even a minimum payment while in school every month, this can help chip away at your total loan amount.”
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},{
“@type”: “Question”,
“name”: “If I took out too much in student loans, can I return some?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Rules about returning overborrowed student loans will vary depending on which lender you choose.
If you borrowed money from the federal government, you have 120 days to send back any funds you don’t need without paying fees or interest. You might be able to return the money later (depending on your lender), but you may be responsible for any interest that accrues on it.
<p.
When it comes to private student loans, requirements vary by lender. If you overborrow and want to repay the extra immediately, you will need to read your loan terms or contact your lender to see if this is possible."
}
},{
"@type": "Question",
"name": "What can I do with the money I overborrowed?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Your loan agreement should tell you how you can (and can’t) spend your loan money, even if you took on too much student debt. Some lenders allow you to spend it however you want, while others send the money directly to your school and only allow you to apply it toward school-related costs."
}
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“name”: “Don’t Over Borrow: Why You May Need Less Than You Think”,
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