>how can that much debt be racked up when the limits, ten-fifteen yrs ago,
>were $2500/yr for undergrads and $8k/yr. for grads? if so, the max for an
>undergrad would be 10k -- maybe 12.5k if you took five years to finish. As
>for grad school, yes, i realize the avg
If you go to a private school, the tuition starts at 20k per year, and that gives you $80k - $100k per course of study. Add to it living expenses, which in places like Boston or NYC can be $1k+ per month, and you can easily end up with 200 grand if you were to pay the full price.
As to the limits - there are multiple sources of borrowing. If you do not get a federal loan, your college will arrange for a private one. And there are, of course, the ubiquitous credit cards.
wojtek