You’re going to owe $15,000 plus interest over the life of your loan (how many years your term consists of). If you take out $15,000 in student loans, you’re not just going to owe $15,000. It’s important to know your interest rate and terms on the student loans you borrow, so you can understand how much you’ll owe. Why is it important to know the interest rate and terms on my student loans? What’s the difference between federal and private student loans?.
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