How Much Can I Get On A Student Loan
The amount you qualify for depends on your grade level and whether or not you’re dependent.
Each year, the government sets limits on how much you can borrow through federal student loans. For instance, in the 2019-2020 academic year, undergraduate students may borrow a maximum of $12,500 each year.
- Each year, the government sets limits on how much you can borrow through federal student loans. For instance, in the 2019-2020 academic year, undergraduate students may borrow a maximum of $12,500 each year.
- If you are a dependent student (meaning your parents are paying for at least part of your education), then you can only borrow up to $12,500 per year. If you’re an independent student (meaning no one else is paying for your education), then you can borrow up to $25,500 per year.
- Graduate students have different borrowing limits than undergraduates or graduate students—in fact they have three separate sets of borrowing limits based on their status as dependents or independent dependents and their field of study: law or medicine versus other areas such as social sciences/humanities or natural sciences/basic studies like mathematics and computer science).
As an undergraduate, you are considered a dependent student if you:
- Are under 24 years old before the first day of classes.
- Are still in high school, boarding school or college prep program.
- Live with your parents for more than half the year.
If you’re an independent undergraduate student and are 24 years of age or older, you can borrow up to $65,500 total for undergraduate career. With this loan type, you may be able to borrow up to $25,500 per academic year.
Graduate students can borrow up to $28,500 per year for their first five years of study (unlike undergraduates, who are limited to $5,500 per year), and they can also take out additional loans in excess of this amount. However, graduate students are not eligible for the Perkins Loan Program or the Federal Work-Study Program; nor are they eligible for the Federal Supplemental Educational Opportunity Grant Program (FSEOG).
The student loan amount you qualify for depends on your grade level and whether or not you’re dependent.
The amount of student loan money you qualify for depends on your grade level, whether or not you’re a dependent or independent student, and the type of loan.
Undergraduates can get loans at a variety of federal and private lenders. Federal loans generally offer lower interest rates than private loans, but they also have lower amounts available per year (maximum $23,000). If you apply to more than one lender, it’s important that you compare their offers carefully. It’s possible that two lenders may give completely different amounts for the same amount of education expenses (and hence require different monthly payments).
The bottom line is that student loan amounts are based on a combination of factors, including your grade level, whether or not you’re dependent and how much money you need to pay for school. If you want to get an idea of what kind of amount might be available to you, take a look at this chart from the Department of Education. It shows the maximum amount each year for dependent undergraduates (green), independent undergraduates (red) and graduate students (blue).