Students taking coursework for state teaching accreditation have $7,000 annual loan limit.

Annual PLUS (parent loans for undergraduate students) Loan Limits

The total PLUS Loan amount borrowed by one or more parents (including non-custodial parent) may not exceed the student’s estimated cost of attendance minus other financial aid awarded for the period of enrollment.

Annual PLUS Loan Limits for Graduate Students

Graduate and professional degree students are now eligible to borrow PLUS loans. The amount borrowed may not exceed the student’s estimated cost of attendance minus other financial aid awarded for the period of enrollment.

They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

Examples:

A dependent freshman whose parents has access to PLUS borrowing (whether or not the parent is actually willing to borrow) could previously have borrowed $3,500 in a subsidized loan. If the student did not have need for the full $3,500, the student could have borrowed a subsidized loan for the amount of demonstrated need and the difference between that amount and the $3,500 base limit in an unsubsidized loan. Under the new law, that student will be able to borrow a total of $5,500, no more than $3,500 of which may be subsidized.

A dependent freshman whose parents are unable to borrow PLUS could previously have borrowed a total of $7,500, no more than $3,500 of which could be subsidized. Under the new limits, that student can borrow a total of $9,500, no more than $3,500 of which can be subsidized (that is, the base limit of $3,500 plus the new additional unsubsidized limit of $6,000). The amount a student can actually borrow may not exceed cost of attendance minus other assistance (or, for subsidized loans, other assistance plus EFC). The same limits apply to a freshman who is an independent student.