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Federal Stafford Loan Limits
Effective for loans first disbursed on or after July 1, 2008
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Academic Year |
Dependent Students
whose parents are eligible
for a PLUS loan |
Independent Students and
Dependent Students
whose parents
cannot borrow a PLUS loan |
|
Subsidized
Loan Amount |
Unsubsidized Loan
Amount Effective
July 1, 2008 |
Total |
Subsidized Loan Amount |
Unsubsidized Loan Amount Effective July 1, 2008 |
Total |
|
First Year |
$3,500 |
$2,000 |
$5,500 |
$3,500 |
$6,000 |
$9,500 |
|
Second Year |
$4,500 |
$2,000 |
$6,500 |
$4,500 |
$6,000 |
$10,500 |
|
Third & Remaining Years |
$5,500 |
$2,000 |
$7,500 |
$5,500 |
$7,000 |
$12,500 |
|
Graduate/Professional |
---- |
---- |
--- |
$8,500 |
---- |
$12,000 |
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Aggregate Limits |
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Dependent Undergraduate |
---- |
---- |
$31,000 |
---- |
---- |
---- |
|
Independent Undergraduate |
---- |
---- |
---- |
---- |
---- |
$57,000 |
|
Graduate/Professional |
---- |
---- |
---- |
$65,500 |
---- |
$138,500 |
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.
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