How much you can borrow in student loans comes down to factors like the type of degree you're pursuing, how long you've been in school and whether a parent financially supports you. Federal loan limits are set by the government, while private loan caps vary from one lender to the next. Read on to learn how loan limits work and how to pay for school if loan funds aren't enough to cover your expenses. Show Federal Student Loan LimitsWhat you can borrow in federal loans depends on your education level, school year and dependency status. Three types of federal student loans exist for new borrowers. Here's a breakdown of each one:
Out of all the federal loans, the deferred interest perk of subsidized loans makes them the most desirable—but they're also the loan type with the strictest loan limits. Below are maximum student loan amounts for undergraduate and graduate students. Undergraduate Federal Loan LimitsDependent undergraduate students can borrow up to $31,000 in federal loans and no more than $23,000 in subsidized loans. Independent undergraduate students can borrow up to $57,000 in federal loans and no more than $23,000 in subsidized loans. The government also sets the following annual limits for undergraduate students. Graduate Federal Loan LimitsGraduate and professional students can borrow up to $138,500 with no more than $65,500 in subsidized loans. Keep in mind that this loan cap is an aggregate limit that includes unpaid loans you took out in undergraduate school. In certain cases, graduate and professional students in health fields may be able to borrow more money. And if you exhaust graduate loans available, grad PLUS loans are another option. Grad PLUS loans come with a higher interest rate and fees but are able to cover your entire cost of attendance minus other financial aid. Private Student Loan LimitsHow much you can borrow in private student loans from banks, credit unions and online lenders is based on factors like your credit, whether you're an undergraduate or graduate student and the type of degree you're obtaining. Private lenders determine if you're eligible for student loan funding after reviewing your credit and financial situation. If you apply for student loans on your own and don't qualify for the money you need, adding a cosigner with good credit to your application could help you get more funding for school. Aggregate loan limits for private student loans can vary but may be over $100,000. For example, Ascent is a private lender that sets a $200,000 aggregate loan limit for undergraduate students and a $400,000 limit for graduate students. Citizens Bank has an aggregate limit of $150,000 for most graduate degrees but offers MBA and law school students up to $225,000. Health care students are limited to between $180,000 and $350,000. You should borrow only what you need and an amount you feel comfortable paying back. (That's unless you have a plan to pursue student loan forgiveness.) Coming up with a college budget can help you get a picture of your expenses so you can determine the right amount to borrow. If you don't borrow enough initially, you can request a higher amount later. How to Pay for College After Student AidIf you have school costs that loans won't cover, here are other ways to pay for school:
The Bottom LineLoan caps exist to help student borrowers avoid taking on unmanageable amounts of debt for school. If you max out on direct subsidized loans and direct unsubsidized loans, you could shop around for private loans to cover the gaps or use a grad PLUS loan for graduate or professional school. If you do decide private student loans are the way to go, Experian CreditMatchTM makes comparing options easier by offering personalized rate quotes and checking to see what loans you qualify for won't affect your credit score. How much can you borrow on a direct unsubsidized loan?$12,500-No more than $5,500 of this amount may be in subsidized loans. Not Applicable (all graduate and professional degree students are considered independent). $20,500 (unsubsidized only).
What is the max for a student loan?What is the maximum student loan amount for 2022-23? The max federal student loan limit for 2022-23 is $5,500 to $7,5000 for dependent undergraduate students, based on your year in school. Independent undergrads can borrow between $9,500 to $12,500, while graduate students can borrow up to $20,500.
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