Financial Aid - Federal Loan Limits
Federal Loan Limits
You can receive a subsidized loan and an unsubsidized loan for the same enrollment period as long as you don't exceed the annual loan limits. If you're a dependent undergraduate student, each year you can borrow up to:
- $3,500 (for the 2007-08 academic year) if you're a
first-year student enrolled in a program of study that is at least a full
academic year.
- $4,500 (for the 2007-08 academic year) if you've
completed your first year of study and the remainder of your program is at
least a full academic year.
- $5,500 if you've completed two years of study and the
remainder of your program is at least a full academic year.
If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to:
- $7,500 (for the 2007-08 academic year) if you're a
first-year student enrolled in a program of study that is at least a full
academic year. No more than $3,500 of this amount may be in subsidized
loans.
- $8,500 (for the 2007-08 academic year) if you've
completed your first year of study and the remainder of your program is at
least a full academic year. No more than $4,500 of this amount may be in
subsidized loans.
- $10,500 (for the 2007-08 academic year) if you've
completed two years of study and the remainder of your program is at least a
full academic year. No more than $5,500 of this amount may be in subsidized
loans.
If you're a graduate or professional degree student, each year you can borrow up to:
- $20,500 for the 2007-08 academic year. No more than $8,500 of this amount may be in subsidized loans.
When you graduate with a graduate or
professional degree, the maximum total debt allowed from Stafford Loans is
$138,500. No more than $65,500 of this amount may be in subsidized loans. This
maximum total graduate debt limit includes Stafford Loans received for
undergraduate study.
These amounts are the maximum yearly amounts you can borrow in both subsidized
and unsubsidized FFELs or Direct Loans, individually or in combination. Because
you can't borrow more than your cost of attendance minus the amount of any
Federal Pell Grant you're eligible for and minus any other financial aid you'll
get, you may receive less than the annual maximum amounts.
Students must complete Student Loan Exit counseling upon graduation or if registered less than half-time.