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6. Many in the group got student loans to pay for non-educational things like engagement rings or trips to Europe. They would run up their CCs and then get a student loan to pay it off.

I think this is a real problem for many, many students. The fact that you can get a student loan up to $x amount, doesn't mean you should take out the max. I know so many people at law school who took out the max in student loans and are now complaining about their debt load. I lived solely on personal savings and my summer salary during my three years of law school - and because it was my money, I was a lot more careful with it than many of my peers. Student loans aren't free money, but a lot of people treat them as such, and end up saddling themselves with a great amount of debt for years to come.

My $0.02.

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