Federal student loans allow students to borrow money. However, there is an annual limit how much can be borrowed. Check out the chart below for Federal Student Loan
limits
The most important student loan is the one with lowest interest rate.
Student Loans Quick Link List:
|
|
| Year | Dependent Undergraduate Student (except student whose parents are unable to obtain PLUS Loans) | Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans) | Graduate and Professional Degree Student |
| First Year | $3,500 plus $2,000 in unsubsidized loans. | $9,500-No more than $3,500 of this amount may be in subsidized loans. | $20,000-No more than $8,500 of this amount may be in subsidized loans. |
| Second Year | $4,500 plus $2,000 in unsubsidized loans | $10,000-No more than $4,500 of this amount may be in subsidized loans. | |
| Third and Beyond(each year) | $5,500 plus $2,000 in unsubsidized loans | $12,500-No more than $5,500 of this amount may be in subsidized loans | |
| Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits) | $31,000
(maximum $23,000 subsidized) |
$57,500-No more than $23,000 of this amount may be in subsidized loans. | $138,500-No more than $65,500 of this amount may be in subsidized loans.
The graduate debt limit includes Stafford Loans received for undergraduate study. |
 |
Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
View All Tips
 |
Important Questions |
Q: What is the best student loan?
Difficult question. There is no such thing as the ultimate best loan, because every student has a different requirement. Sometimes the best student loan could be the one you get, if no other
financial aid is provided. Federal student loans carry low interest rates and can be forgiven. Some of them do not need to be repaid while you're in school.
Q: Do Student Loans Cover Off-Campus Housing?
Yes, in general student loans can be used for anything you want related to college. That's why it's a loan. Grants and scholarships on the other hand have to be used for tuition and books only.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
View All Questions
Student Loans are a core part of Financial Aid. Both
Federal Government and Private Investors offer student loans.
They could be for Students and Parents.
Student loans are also available for Undergraduates and
Graduates.
Students start applying for Federal Student Loans by submitting the FAFSA Application.
Back To Student Loans
Back Home
