The United States Government specifies the maximum amount a student may borrow through Direct Loans. The amount you receive may be lower than the maximum amount, depending on your eligibility assessment, the calculated cost of attendance and other loans, grants or scholarships you receive. The cost of attendance represents the calculated Cost of Attendance minus any other aid such as the estimated financial assistance or estimated financial contribution.
The following table indicates the maximum loans available, as determined by the US Department of Education, disbursed from July 1, 2008.
Annual Loan Limits – Dependent Undergraduates | |||
Subsidized loans | Additional limit for unsubsidized loans | Total subsidised and unsubsidised | |
First-Year Undergraduate (Freshman) | $3,500 | $2,000 | $5,500 |
Second-Year Undergraduate (Sophomore) | $4,500 | $2,000 | $6,500 |
Third-Year and Beyond Undergraduate (Junior, Senior) | $5,500 | $2,000 | $7,500 |
Annual Loan Limits – Independent Undergraduates |
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|
Subsidized and unsubsidized loans |
Additional limit for unsubsidized loans |
Total subsidised and unsubsidised |
|
|
First-Year Undergraduate (Freshman) |
$3,500 |
$6,000 |
$9,500 |
|
Second-Year Undergraduate (Sophomore) |
$4,500 |
$6,000 |
$10,500 |
|
Third-Year and Beyond Undergraduate (Junior, Senior) |
$5,500 |
$7,000 |
$12,500 |
|
Graduate and Professional Students |
$8,500 |
$12,000 |
$20,500 |
Aggregate Loan Limits – Stafford Loan |
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|
Combined base limit for subsidized and unsubsidized loans |
Additional limit for unsubsidized loans |
Total subsidised and unsubsidised |
|
|
Dependent Undergraduate |
$23,000 |
$8,000 |
$31,000 |
|
Independent Undergraduate |
$23,000 |
$34,500 |
$57,500 |
|
Graduate and Professional Students |
$65,500 |
$73,000 |
$138,500 |
