How Much Student Loan Money Can I Get
Learn more than almost how much higher could cost — and, how to afford it:
Student loans aren't limitless. The maximum amount y'all tin can borrow depends on factors including whether they're federal or private loans and your yr in school.
Undergraduates can borrow up to $12,500 annually and $57,500 full in federal student loans. Graduate students can borrow upward to $20,500 annually and $138,500 full.
But just because y'all can borrow that much doesn't mean you should. To keep higher education affordable, calculate how much you should borrow for college based on your expected future earnings and aim to proceed your pupil borrowing below that amount.
Federal student loan limits
The maximum you tin can borrow depends on your year in school, your status as a dependent or contained student, and the type of loan. There are three main types of federal educatee loans : Straight subsidized, direct unsubsidized and direct PLUS.
To use for federal student loans, submit the Gratuitous Application for Federal Pupil Aid — this FAFSA guide walks y'all through the process.
Check the list
See 2022's best student loans for parents, students and more. Thoroughly researched past our Nerds.
Direct subsidized and unsubsidized loan limits
Subsidized loans are for undergraduates only, while unsubsidized loans are available to both undergraduates and graduate students.
There are both annual and aggregate loan limits for these loans. The aggregate limit is the total amount of federal educatee loan debt you can take on throughout your undergraduate and graduate-level studies. If you reach your full limit, yous tin can take out additional federal student loans if yous first pay downwardly your outstanding debt.
| Dependent undergraduate students | |
| First year | $5,500 overall; $3,500 subsidized |
| Second year | $six,500 overall; $four,500 subsidized |
| Third twelvemonth and up | $seven,500 overall; $5,500 subsidized |
| Total limit | $31,000 overall; $23,000 subsidized |
| Independent undergraduate students | |
| First year | $9,500 overall; $three,500 subsidized |
| 2nd year | $10,500 overall; $iv,500 subsidized |
| Third year and up | $12,500 overall; $5,500 subsidized |
| Total limit | $57,500 overall; $23,000 subsidized |
| Graduate and professional students (unsubsidized just) | |
| Annual limit | $xx,500 |
| Total limit | $138,500, including undergraduate loans |
If you're a dependent student and your parents aren't eligible for a directly PLUS loans — for example, if they accept an adverse credit history — y'all may be eligible for additional unsubsidized loans.
Straight PLUS loan limits
PLUS loans are available to graduate and professional person students, and to parents of dependent undergraduate students.
There are no specific caps on PLUS loan borrowing. The maximum amount of PLUS loans yous tin have out is the school's cost of omnipresence minus other financial assist y'all receive or your kid receives. Cost of attendance includes tuition and fees, room and board, and books and other supplies.
Max out federal subsidized and unsubsidized direct loan borrowing before tapping PLUS loans; PLUS loans have higher student loan interest rates .
Private student loan limits
Individual student loan limits vary past lender. Generally, the amount yous borrow can't exceed your school's total cost of attendance.
Max out federal pupil loan borrowing before taking out private student loans. Federal loans have protections that private loans don't, including income-driven repayment plans and loan forgiveness programs.
| Lender | Private student loan minimums and limits | |
|---|---|---|
| Ascension | Non-co-signed future income-based option:
Co-signed and non-co-signed credit-based options:
| |
| Citizens Bank | Minimum loan amount: $ane,000 Maximum loan amount: $100,000 (lifetime maximum). Annually, the cost of attendance minus financial aid. | |
| College Ave | Minimum loan corporeality: $1,000 Maximum loan amount: School-certified cost of attendance minus financial aid. | |
| CommonBond | Minimum loan amount: $2,000 Maximum loan amount: $500,000 (lifetime maximum). Annually, the school-certified toll of attendance. | |
| Detect | Minimum loan corporeality: $ane,000 Maximum loan amount: Schoolhouse-certified cost of attendance minus fiscal aid. | |
| Earnest | Minimum loan amount: $i,000 Maximum loan amount: School-certified cost of attendance. | |
| LendKey | Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of omnipresence minus financial assist. | |
| MEFA | Minimum loan amount: $1,500 Maximum loan amount: School-certified toll of attendance minus financial assist. | |
| MPOWER | Minimum loan corporeality: $2,001 Maximum loan amount: $25,000 per semester and $l,000 annually | |
| Navy Federal | Minimum: $ii,000 Maximum: $120,000 for undergraduates and $160,000 for graduate students. | |
| PNC | Minimum: $1,000 Maximum: $50,000 | |
| RISLA | Minimum: $i,500 Maximum: $45,000 | |
| Prodigy Finance | Minimum: $15,000 ($35,000 in certain U.S. states) Maximum: $220,000. | |
| Sallie Mae | Minimum loan amount: $1,000 Maximum loan amount: Schoolhouse-certified cost of attendance | |
| SoFi | Minimum loan corporeality: $5,000 Maximum loan amount: School-certified cost of attendance | |
| Custom Choice | Minimum: $1,000 Maximum: The school-certified toll of attendance minus other help, not to exceed $99,000 | |
Source: https://www.nerdwallet.com/article/loans/student-loans/much-borrow-college#:~:text=Undergraduates%20can%20borrow%20up%20to,%2420%2C500%20annually%20and%20%24138%2C500%20total.&text=But%20just%20because%20you%20can,doesn't%20mean%20you%20should.
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