$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.
Undergraduate federal loan limits
You may be considered independent if you are over the age of 24, a military veteran, married or financially support yourself. Independent students can borrow $9,500 to $12,500 annually and up to $57,500 total.
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.
Aggregate (Lifetime) Limit - per program
As a result, the maximum annual amount for 2022-2023 is $3,772. The annual amount listed above is based on full-time enrollment. Review Understanding Enrollment Requirements for details on how your enrollment status impacts the amount of the grant you may receive.
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.
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.
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.
Overall, only 1% of all U.S. adults owed at least $100,000. Young college graduates with student loans are more likely than those without this kind of debt to say they struggle financially.
A good rule of thumb is to borrow about 125% of the difference between your net college costs and the amount of income and savings you can devote to paying those costs, rounded up to the nearest $1,000.
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.
Lifetime Aggregate Loan Limits
Graduate students: $138,500 combined (only $65,500 may be subsidized; includes amounts borrowed as an undergraduate student). Dependent undergraduate students: $31,000 combined (only $23,000 may be subsidized).
The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).
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.
District of Columbia residents have the nation's highest average federal student loan debt at $54,795 per borrower.
The average student borrower takes 20 years to pay off their student loan debt. 43% of borrowers are on the standard 10 years or less plan with fixed payments. Some professional graduates take over 45 years to repay student loans.
On average, it takes about 10–20 years to pay off a student loan.
The time it takes to repay student loans typically ranges from 20 to 30 years, depending on factors such as the degree attained, the chosen repayment plan, and the borrower's financial situation. Standard repayment plans usually take about 10-30 years, while income-driven repayment plans can extend up to 25 years.
Do I Have To Pay Back My Student Loans If I Drop Out of School? Regulations dictate that if you leave college or drop below half-time enrollment, you have to start paying back your federal student loans. You may have a grace period (generally, six months) before your first payment is due.
Technically, no income is too high for the FAFSA. The U.S. Department of Education recommends filling out the FAFSA yearly, regardless of income. However because FAFSA is needs-based aid, those from lower-income families with a greater financial need get access to more financial aid.
For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.
Generally, the lower your SAI (it can be as low as -1500), the more need-based aid you can expect to receive. At colleges that meet 100% of need, your financial aid package will cover the entirety of your demonstrated need.