Federal student loan limits
Your year of study, whether you are an independent or dependent student, and the kind of loan all affect how much you can borrow. Federal student loans come in three primary varieties: direct subsidized, direct unsubsidized, and direct PLUS.
Use this FAFSA guide to guide you through the process of submitting the Free Application for Federal Student Aid (FAFSA) in order to apply for federal student loans.
Direct subsidized and unsubsidized loan limits
Undergraduates can only apply for subsidized loans; graduate students and undergraduates can both apply for unsubsidized loans.
For these loans, there are annual and total loan limits. The total amount of federal student loan debt you are able to accrue during your undergraduate and graduate studies is known as the aggregate limit. You can take out more federal student loans if you pay off your outstanding debt before you reach your maximum limit.
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Dependent undergraduate students |
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First year |
$5,500 overall; $3,500 subsidized |
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Second year |
$6,500 overall; $4,500 subsidized |
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Third year and up |
$7,500 overall; $5,500 subsidized |
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Total limit |
$31,000 overall; $23,000 subsidized |
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Independent undergraduate students |
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First year |
$9,500 overall; $3,500 subsidized |
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Second year |
$10,500 overall; $4,500 subsidized |
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Third year and up |
$12,500 overall; $5,500 subsidized |
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Total limit |
$57,500 overall; $23,000 subsidized |
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Graduate and professional students (unsubsidized only) |
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Annual limit |
$20,500 |
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Total limit |
$138,500, including undergraduate loans |
You may be qualified for additional unsubsidized loans if you are a dependent student and your parents aren’t eligible for a direct PLUS loan due to, say, a bad credit history.
Direct PLUS loan limits
Graduate and professional students, as well as parents of dependent undergraduate students, can apply for PLUS loans.
There are no specific caps on PLUS loan borrowing. The total amount of PLUS loans you are eligible to take out is equal to the cost of attendance at the school less any other financial aid that you or your child may receive. The price of attendance consists of books and other supplies, lodging and board, and tuition and fees.
Prior to using PLUS loans, make the most out of your federally subsidized and unsubsidized direct loan borrowing; PLUS loans have higher student loan interest rates.
Private student loan limits
Private student loan limits vary by lender. In general, the total cost of attendance at your school cannot be greater than the amount you borrow.
Prior to obtaining private student loans, make sure you have exhausted all federal student loan options. Protections offered by federal loans, such as income-driven repayment plans and loan forgiveness programs, are not available with private loans.
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Lender |
Private student loan minimums and limits |
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|---|---|---|
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Ascent |
Non-co-signed future income-based option:
Co-signed and non-co-signed credit-based options:
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Citizens Bank |
Minimum loan amount: $1,000 Maximum loan amount: $100,000 (lifetime maximum). Annually, the cost of attendance minus financial aid. |
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College Ave |
Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance minus financial aid. |
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Discover |
Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance minus financial aid. |
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Earnest |
Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance. |
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LendKey |
Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance minus financial aid. |
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MEFA |
Minimum loan amount: $1,500 Maximum loan amount: School-certified cost of attendance minus financial aid. |
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MPOWER |
Minimum loan amount: $2,001 Maximum loan amount: $25,000 per semester and $50,000 annually |
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Navy Federal |
Minimum: $2,000 Maximum: $120,000 for undergraduates and $160,000 for graduate students. |
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PNC |
Minimum: $1,000 Maximum: $50,000 |
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RISLA |
Minimum: $1,500 Maximum: $45,000 |
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Prodigy Finance |
Minimum: $15,000 ($35,000 in certain U.S. states) Maximum: $220,000. |
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Sallie Mae |
Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance |
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SoFi |
Minimum loan amount: $5,000 Maximum loan amount: School-certified cost of attendance |
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Custom Choice |
Minimum: $1,000 Maximum: The school-certified cost of attendance minus other aid, not to exceed $99,000 |
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FAQ
What is the maximum amount of student loans you can get?
Maximum subsidized Undergraduates (and dependent undergraduates whose parents are unable to obtain Direct PLUS Loans): $57,500 $23,000 Graduate and professional students: $138,500 $65,000 Total (subsidized and unsubsidized)
How much student loans can you get in a lifetime?
Undergraduate students are limited to a lifetime total of $57,500, of which no more than $23,000 may come from subsidized loans. The maximum lifetime loan amount for graduate students is $138,500, of which no more than $65,500 may come from subsidized loans.
What determines the amount of student loans you can get?
The amount of financial aid you are eligible to receive will be decided by the financial aid office at the college or career school you plan to attend. Your eligibility is determined by your enrollment status, year in school, expected family contribution, and the cost of attendance at the school you plan to attend.
How much in student loans can you afford to take on?
One guideline to follow is to attempt to keep your total student loan debt to a small portion of what you might anticipate earning each year from your first post-college job. For instance, you might determine that the maximum monthly loan payment you make should be 10% of your total income.
Read More :
https://studentaid.gov/help-center/answers/article/how-much-money-can-i-borrow-federal-student-loans
https://www.nerdwallet.com/article/loans/student-loans/much-borrow-college