Graduate students are considered independent and have a lifetime loan limit of $138,500 for federal Subsidized and Unsubsidized loans. No more than $65,500 of this amount can be in subsidized loans. Annual limits for Direct Unsubsidized Loans for graduate students are set at $20,500.
Students working on a graduate or professional degree can borrow up to $20,500 per year in Direct Unsubsidized Loans, with a lifetime maximum of $138,500 up to $65,000 in subsidized loans (including any federal loans borrowed during undergraduate school).
You can borrow up to $57,500 in federal direct student loans during your undergraduate career. Private loans are generally capped at your school's total cost of attendance.
** While there are no set aggregate limits on the Federal Direct Grad PLUS loan, the Office of Financial Aid reserves the right to limit or refuse certification of future federal student loans on a case-by-case basis to limit excessive borrowing.
A Grad PLUS Loan is credit-based. If your credit isn't strong, you will need an endorser to cosign it. Unlike other federal direct student loans, there's no borrowing limit—it's up to your grad school's cost of attendance. The interest rate for a Grad PLUS Loan is higher than for a direct unsubsidized loan.
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).
Student Loan Interest Deduction
You can take a tax deduction for the interest paid on student loans that you took out for yourself, your spouse, or your dependent. This benefit applies to all loans (not just federal student loans) used to pay for higher education expenses. The maximum deduction is $2,500 a year.
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.
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.
The PSLF Program forgives the remaining balance on your Direct Loans after you've satisfied the equivalent of 120 qualifying monthly payments (10 years) under an IDR plan while working full-time for an eligible employer.
Private student loans come with an annual limit based on the cost of attendance minus other financial aid, such as federal student loans. Undergraduates usually have aggregate loan limits from $75,000 to $120,000, while graduate and professional students may qualify for higher limits.
You can also use student loans for living expenses. You're limited to borrowing an amount that equals your school's cost of attendance, which is tuition and fees, books and supplies, room and board, transportation and personal expenses, minus any aid you receive.
What is the FAFSA limit for grad school? Graduate students can borrow up to $20,500 annually through the Federal Direct Unsubsidized Loan program. There's an aggregate limit of $138,500 for Direct Unsubsidized and Subsidized loans, which includes any loans from undergraduate studies.
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.
You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. Since the amount of a scheduled Pell Grant award you can receive each award year is equal to 100%, the six-year equivalent is 600%.
However, borrowing $100,000 or more is considered to be a lot and isn't normal for the average student. Most jobs don't pay over $100,000 right out of school, so it could be a struggle to have that much student loan debt.
Borrowing limits
Unlike other types of federal student loans, grad PLUS loans don't have a specific limit on how much you can borrow per year, nor do they have an aggregate limit. Instead, you might be able to borrow up to your school's certified cost of attendance, minus other financial aid you've received.
What is the LLC worth? The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe but you won't receive any of the credit back as a refund.