The amount you can borrow increases as you advance in your career because you are more likely to have a stable job and higher income.
- Freshman: It is a term to refer to those students who are in the first year of university. They are still young and have recently finished high school
- Sphomore: It is a term to refer to those students who are in the second year of university. Unlike the Freshmans these have already acquired a bit of experience and knowledge in a specific area. Also, they may have gotten a stable job and have a higher income.
- Junior: It is a term to refer to those students who are in the third year of university. These unlike the Freshman and the Sphomore have more experience, are much more independent, have a permanent job, higher income and more knowledge that they can apply in their work area.
According to the above, they can borrow more and more money as their life develops and they have greater debt and income power.
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