Federal Student Loan Limits

Answer 1

Federal student loan limits are based upon financial need and year in college. The following loans are available:

Stafford dependent undergraduate student loans

• First year total $5,500, maximum of $3,500 in subsidized loans
• Second year total 6,500, maximum of $4,500 in subsidized loans
• Third year, juniors and seniors total of $7,500, maximum of $5,500 in subsidized loans
• Preparatory course for undergraduate program - $2,625 subsidized loans only
• Preparatory course for professional program -$5,500 subsidized loans only
• Teacher certification -$5,500 subsidized loans only

Total maximum loan limit for dependent undergraduate students may not exceed $31,000, with a maximum of $23,000 in subsidized loans.

Stafford independent undergraduate student loans:

• First year - $9,500, maximum $3,500 in subsidized loans
• Second year - $10,500, maximum $4,500 in subsidized loans
• Third year, juniors and seniors - $12,500, maximum $5,500 in subsidized loans
• Preparatory course for undergraduate program - $8,625, maximum $2,625 in subsidized loans
• Preparatory course for professional program -$12,500, maximum $5,500 in subsidized loans
• Teacher certification -$12,500, maximum $5,500 in subsidized loans

Total maximum loan limit for independent undergraduate students may not exceed $57,500, with a maximum of $23,000 in subsidized loans.

Stafford graduate and medical student loans

Graduate students -$20,500 with a maximum $8,500 in subsidized loans. Total maximum loan limits - $138,500, with a maximum $65,500 in subsidized loans Medical students - $40,500 with a maximum $8,500 in subsidized. Total maximum loan limit of up to $224,000, with a maximum $65,500 in subsidized loans.

Perkins Subsidized Loans

The school acts as the lender and uses funds that are provided by the federal government for students who demonstrate an exceptional financial need. Amounts are determined by the student's financial aid office. Maximum limits per year for undergraduate students are $5,500 and $8,000 for graduate students. The total maximum loan limit amount is $27,500 for undergraduate students and $60,000 for combined undergraduate and graduate loans.

Graduate and professional student PLUS loans

The PLUS loan is available for students or their parents on the student's behalf. The loan limits are based upon the student's cost of attending school less any other financial aid they receive.