If you're an undergraduate, the maximum combined amount of Direct Subsidized and Direct Unsubsidized Loans you can borrow each academic year is between $5,500 and $12,500, depending on your year in school and your dependency status.
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
And while loans need to be repaid, with interest, they are considered financial aid. These programs are made available to students, and typically offer lower interest rates than other types of loan programs. But remember, if you're going to borrow money, make sure you know what you're signing up for.
To see your aid, log in to your StudentAid.gov account using your account username and password combination (also called your FSA ID). Select “View Details” in the My Aid section of your account Dashboard. You can view your loan types and servicer(s) for each loan under the Loan Breakdown section of the My Aid page.
What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.
Depending on your year in school, your status and your financial need, it's possible that you can get enough financial aid to cover the entire cost of your attendance. However, in many cases, there are limits.
Undergraduate federal loan limits
Independent students can borrow $9,500 to $12,500 annually and up to $57,500 total. If you're a dependent undergrad but your parents don't qualify for a parent PLUS loan, you may be able to borrow up to the federal student loan limits for independent students.
Interest accrual, interest capitalization, fees, deferment, forbearance, and grace periods can all increase your student loan balance. Paying more than the minimum each month, making extra payments, and paying interest while in school can help reduce your loan costs.
The maximum amount you can borrow each academic year in Direct Unsubsidized Loans ranges from $5,500 to $12,500 for undergraduates, depending on your year in school and your dependency status. Direct Unsubsidized Loans have an annual limit of $20,500 for graduate or professional students. Was this page helpful?
You'll have to repay the money with interest. Subsidized loans don't generally start accruing (accumulating) interest until you leave school (or drop below half-time enrollment), so accept a subsidized loan before an unsubsidized loan. Next, accept an unsubsidized loan before a PLUS loan.
The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025). your plans to attend school for a full academic year or less.
The calculation uses information from your tax return as well as the net worth of your assets. Some FAFSA applicants may need to manually provide their tax information. Learn more about where to find tax information.
Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.
Yes. Once it's been processed, you can make changes to correct or update the information on your FAFSA form. You should make a correction in the following situations: You made a mistake in what you reported on your form.
There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.
Despite these benefits, these loans have a few disadvantages, including a lack of subsidized options for graduate students, difficulty qualifying for bankruptcy, and funding limitations.
There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are considered.
Contact the financial aid office at your school to find out when you'll receive your federal student aid. We don't determine when your aid is disbursed. Once we process your Free Application for Federal Student Aid (FAFSA®) form, we send the information to your school, and your school handles the rest.
First, you must submit a Free Application for Federal Student Aid (FAFSA®) form to find out how much aid you may be eligible to receive. You'll then receive an aid offer from the school(s) you list on your FAFSA form after being accepted to that school.