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Updated
How much you can borrow in federal loans generally depends on four factors:
Type of student | Direct Subsidized Loans | Direct Unsubsidized Loans |
---|---|---|
First-year dependent | $3,500 | $5,500 |
First-year independent | $3,500 | $9,500 |
Second-year dependent | $4,500 | $6,500 |
Second-year independent | $4,500 | $10,500 |
Third+ years dependent | $5,500 | $7,500 |
Third+ years independent | $5,500 | $12,500 |
There are only two types of loans available to graduate students: Direct Unsubsidized Loans and Direct PLUS Loans.
Parent PLUS Loans are limited to the school’s cost of attendance — it’s part of the Direct PLUS Loan program.
In addition to annual limits, the federal government also has a limit to how much you can borrow in your lifetime — also known as the aggregate loan limit.
How much you can borrow in total depends on your loan type, the type of degree you pursue and your financial independence.
Type of borrower | Maximum lifetime loan amount |
---|---|
Dependent undergraduate |
|
Independent undergraduate |
|
Graduate or professional student |
|
Parent | Total cost of attendance |
Compare unsubsidized Loans vs. subsidized Loans
In some cases, students accidentally receive more than they’re eligible to borrow due to administrative errors — this is called “inadvertent overborrowing”. When this happens, you’re no longer for eligible for federal aid until you take one of the two steps:
Private student loans also often come with a maximum amount you can borrow per year and per lifetime, though they’re generally more flexible than federal loans.
Typically, you can borrow up to your school’s cost of attendance each year. Lifetime limits depend on your level of education and can vary from lender to lender.
Generally, graduates and undergraduates can borrow up to a total of $150,000 to $200,000 — including federal loans. Medical, law or business students might be able to borrow more. For example, Citizens Bank allows medical students to borrow up to $350,000.
Talk to your school’s financial aid office about which alternatives might be available to you. These might include:
Just because you can borrow up to a certain amount per year doesn’t mean you necessarily should. If you need help covering personal expenses like housing, transportation and food, budget out how much you need first before borrowing the maximum amount you’re eligible for. How much you can borrow each year or in a lifetime mostly depends on the type of student loan you’re applying for and your level of education. Federal student loans typically have more favorable rates and terms than private loans, but are available in lower amounts. Often, a private student loan can help you cover those extra costs if federal loans fall short. To learn more about how it all works, read our guide to student loans. Picture: ShutterstockDon't borrow more than you need
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Frequently asked questions
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