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I have a friend who was nearly 40K in undergrad student loan debt that decided to go to grad school and take out MORE loans to fund it. SMH. He's going to graduate with over 70K in the debt for a masters degree. Honestly, if you are in that kind of debt before grad, it may be best to work and get it down as much as possible before applying for grad. He's happy about these 7K refund checks he's getting but he's not looking at the big picture...that isn't free money he's receiving.