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Financial aid has become an essential part of going to college, thanks in large part to rapidly increasing tuition rates. Grants are sometimes available, but most students get the largest portion of their aid in student loans. These loans all have limits, however, but the limits vary based on the type of loan, what class the student is in, and whether or not he or she is a dependent or independent student. There are also both yearly and cumulative caps for most loans. Independent students are over the age of 25, in graduate school or do not have parents to help support them.
Stafford LoansDependent students can borrow up to $5,500 their first year, $6,500 their second year, and $7,500 for every year thereafter. Independent students are allowed to borrow up to $9,500 their freshman year, $10,500 for their sophomore year, and $12,500 for each additional year. Graduate and professional students can take out up to $20,500 each year. The aggregate limits are $31,000 for dependent students, $57,500 for independent students and $138,500 for graduate students. Medical students are allowed to borrow up to $224,000.
PLUS LoansPLUS loans are loans a parent takes out to pay for a child's education. The parent remains ultimately responsible for paying for the loan even if the child agrees to make the payments. There is no set yearly or aggregate limit for these loans; the student's school will determine the limits.
Perkins LoansPerkins Loans are available on a limited basis at some schools to students with a high level of financial need. The limits are $5,500 per year for undergraduate students and $8,000 for graduate students.
Private LoansPrivate loans are also available to students whose needs can not be met by the federal loan programs. These loans are made by private banks, but they are governed by many of the same rules that apply to federal loans. It is not possible to discharge them in bankruptcy court, for example. Nor are they guaranteed; a bank can choose to lend or not lend to any particular student. There is no set limit on these loans.
What else can I help you with?
What is the private student loan limit?
There are no limits on private student loans for college students. It would be wise though to not get in too deep of a hole.
The student loan settlement student loan settlement student loan settlement student loan settlement student loan settlement student loan settlement.?
There are many places to research student loan settlement. You can look at various places on the web or at many banks. Looking for loan settlements can be difficult start by checking www.wellsfargo.com/student
What is a student loan?
what is a student loan grant?
what is a student loan grant?
what is a student loan grant?
What are the advantages of a Standard student loan?
What is a "Standard" student loan?
Stafford Student Loan Limits?
When you are ready to take the next step and go to college, you many start wondering how you are going to pay for it. Whether you have money to pay for college, or money is tight, know that at the very least there will be a way to pay for college through the use of student loans. Everyone is eligible for some type of student loan, and it depends on your financial status as to whether these loans will be subsidized or unsubsidized. There are also loan limits for both types of loans for undergraduate students, graduate students and medical students.Subsidized and Unsubsidized LoansThe first thing you need to know about student loans is the difference between subsidized and unsubsidized loans. Subsidized loans are loans where the accrued interest is paid for by the government. Therefore, you will not accrue any interest on these loans until after you graduate. Unsubsidized loans will accrue interest from the day the loan is disbursed and you are responsible for the interest.The Stafford Loan is the most popular type of loan. It is guaranteed by the government and usually have the best interest rates. These loans do have limits as to the amount borrowed, and it also depends on what type of student you are.Stafford Loan Limits for UndergraduatesThe maximum lifetime loan limits for undergraduate dependent students is $31,000, of which $23,000 can be subsidized. For independent undergraduate students, the maximum lifetime amount is $57,500, with the same $23,000 that can be subsidized.Stafford Loan Limits for Graduate StudentsThe maximum lifetime loan limits for graduate students is much higher. Graduate students can borrow a maximum of $138,500, of which $65,000 may be subsidized.Stafford Loan Limits for Health ProfessionalsStudents that are earning medical degrees also have higher loan limits. The maximum amount a medical student is able to borrow is $224,000.Tips for Taking Out LoansIt's a great idea to borrow only the amount of money you need to cover your books and tuition and some living expenses. If you still need more money, you may want to consider a part time job.
Can you get a student loan if one of your parents is in default on their student loan?
Yes.
Can you sill get a student loan if your in deferment on another student loan?
Yes.
What is student loan forgiveness?
Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.
Can you get a loan if you are a co signer for a student loan?
If you have a good enough income to qualify since the student loan is considered your loan.
What is the current interest rate on fedral student loans?
The current interest rate for a DirectPLUS loan is 7.9%. There are no set limits for this type of loan, however you may not borrow more than what is needed for your child's education.
Where can I find information about student loan rates?
Student loan rates vary by the type of student loan, but can be either fixed or variable rate. Most federal student loans are fixed at 6.8% Private student loan rates are typically higher.
