How Much Can I Borrow In Student Loans

How much can I borrow in student loans for college? This is a very common question asked by soon to be college students. Hopefully the following explanation can help clear up this common student loan question. There are two different types of student loans for college, federal student loans and private student loans. Federal student loans are acquired by filing a FAFSA, Free Application for Federal Student Aid, and are the first student loans you should apply for. How much you can borrow in federal student loans for college, is broken down in the following:

Perkins Loans: Undergraduates can receive up to $5,500 a year (maximum of $27,500) and Graduate Students can receive up to $8,000 a year (maximum of $60,000, including undergraduate loans). The amount you receive will depend on financial need, amount of other aid received and the availability of funds at your school.

Stafford Loans (subsidized and unsubsidized): Amount received will depend on your grade level in school and dependency status. Financial need is a factor for subsidized loans, but is not for unsubsidized loans.

PLUS Loans: The amount received is based upon the equation of The Student’s Cost of Attendance minus Other Aid Received.

If this seems a little complicated to understand, just know that it is best to file a FAFSA before looking into your private student loan options. Federal student loans often offer the best interest rates and repayment options to borrowers. After you file a FAFSA, you will receive a Student Aid Report, which will outline the amount of federal financial aid you have qualified for. If the amount of federal financial aid is not enough to cover your college expenses, then you may want to take a look at a private student loan to bridge the gap.

For private student loans, how much you can borrow is a bit different. Private student loans are based on credit, and each lender’s terms, rates and lending amounts can vary based upon your credit and qualifications. If you have poor or little credit history, chances are you will need a creditworthy cosigner in order to secure a private student loan.

Federal And Private Student Loan Grace Periods Explained

Once you graduate from college, it is not typical for you to…

5 Student Loan Tips For Students and Parents

For students and parents of college students, it is highly important that…

Transferring Schools And Financial Aid

So you’re thinking about transferring schools and your wondering how this will…

Online College Financial Aid

Q: Is there any difference in the financial aid process for online…

Navigating the Path to College Admission: A Comprehensive Guide

The journey to college admission is a transformative and pivotal phase in…

What Happens To Student Loans If I Withdraw

Do I have to pay back my student loans if I don’t…

Student Loans For Part Time Students

Q: Are there specific student loans for part time students in college,…

Difference Between Subsidized And Unsubsidized Loans

Q: What is the difference between subsidized and unsubsidized loans? Will I…

Student Loans
Student Loans For Community College 101

We often get asked about student loans for community college, and if…

Student Loans
Student Loan Advice: 10 Tips for Beginners

To help get you started learning about college financial aid, we’ve put…

Student Loans
When To Apply For Student Loans

Q: When should a student start to apply for student loans? I…

Student Loans
How Is Student Loan Interest Calculated

Interest on all student loans borrowed under The Educational Department’s programs is…

Student Loans

Questions For CollegeWhale

Have a college financial aid question? CollegeWhale.com is full on answers! Type your question in the search box to get started.

Sign Up To Win Scholarships

Sign up for The CollegeWhale.com Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.

sign upsign up