I read online that the cumulative limit for direct loans is $31k. However, I always keep reading about people owing over $100k for a Bachelor’s Degree. How do they owe $100k if the cumulative limit is $30k. It doesn’t make sense to me.
They borrow private loans. They have someone who is willing to cosign. The cap is for government loans.
If their parents were denied Parent plus loans, the student can take an additional $4-5k per year. There used to be Perkins loans. Some schools have their own loans. Some states have their own loans. Private loans. Independent students can have $57k in direct loans.
There are lots of ways to get into loan trouble.