$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.
A $30,000 private student loan can cost approximately $159.51 per month to $737.38 per month, depending on your interest rate and the term you choose. But, you may be able to cut your cost by comparing your options, improving your credit score or getting a cosigner.
There's a general rule floating around stating that your total student loan balance should not exceed your expected starting salary out of college. So if, based on your desired profession, you anticipate making $50,000 your first year after college, you wouldn't want your student loan balance to exceed $50,000.
Your potential savings from refinancing will vary based on your loan terms. For example, say you have a $50,000 loan balance with a 6.22% interest rate — the average student loan interest rate for graduate students. On the standard 10-year repayment plan, you'd pay $561 per month and $17,277 in interest over time.
Nearly eight in ten students graduate with less than $30,000 in debt. Among those who do borrow, the average debt at graduation is $27,100 — or $6,775 for each year of a four-year degree at a public university.
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.
This is often called “year-round Pell.” For example, if you were awarded a $3,000 Pell Grant, you'd likely receive $1,500 in both your fall and spring semesters. But you may qualify for another Pell Grant of up to $1,500 if you enroll at least half time during the summer semester.
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.
For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount.
Direct Subsidized Loans: You won't be charged interest while you're enrolled in school or during your six-month grace period. Direct Unsubsidized Loans: Interest starts accumulating from the date of your first loan disbursement (when you receive the funds from your school).
Average Student Loan Payments
As of May 30, 2023, the average monthly payment for federal student loans was estimated to be about $500 per month when adjusted for inflation. However, the final number depends on the type of loan, loan amount, interest rates, and repayment plan.
Request additional federal student loans.
If you've exhausted other options, you can consider borrowing additional federal student loans. If you're a dependent student, your parent can apply for a Direct PLUS Loan for parents.
There are no income limits to apply, and many state and private colleges use the FAFSA to determine your financial aid eligibility. To qualify for aid, however, you'll also need to submit a FAFSA every year you're in school.
Note: You can request an increase in the amount of a Direct PLUS Loan you previously requested if it's for the same school and same award year. The loan can't exceed the cost of attendance (COA) minus other aid.
Once you have earned a baccalaureate degree or your first professional degree or have used up all 12 terms of your eligibility, you are no longer eligible to receive a Federal Pell Grant. Learn more about staying eligible for federal student aid while you're in school.
Pell Grants are need-based awards. Although students with family incomes up to $45,000 may be eligible, most awards go to students with family incomes below $20,000.
Who is eligible to apply for Max Grant Program? Eligibility for Max Grant Program varies depending on the specific grant program. Generally, researchers, scientists, institutions, and organizations engaged in biomedical, behavioral, and clinical research are eligible to apply.
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.
With only one child attending college normally an income above $125K will disqualify you from financial aid qualification at a public university, and about double that, or $250K in income will disqualify you from garnering financial aid.
Use a debt consolidation loan
This consolidates multiple payments into one, ideally at a lower interest rate than you were paying on credit cards. For example, a 5-year, $30,000 loan at 10% interest would have a monthly payment of about $637 and you'd pay about $8,245 in total interest.
There's a general rule that you shouldn't borrow more in student loans than you expect to make in your first year out of college. A bachelor's degree recipient's average student loan debt in 2021 was $29,100. In theory, a graduate with a salary above this could handle a 10-year standard repayment plan.
Data Summary. The average federal student loan payment is about $302 for bachelor's and $208 for associate degree-completers. The average monthly repayment for master's degree-holders is about $688.