Many people take out student loans to go to school. If you’re planning to fund your degree through federal or private loans, you may be wondering: Up to how much can I borrow in student loans?
Loan limits depend on whether you're taking out federal student loans or private student loans. They are also based on the type of federal loans you’re interested in.
Explore your options and borrowing limits in this guide to make an informed decision.
How much can I borrow in federal student loans?
The answer depends on your loan type. There are different types of federal student loans offered by the government, including:
- Direct Subsidized Loans: These are need-based and come with subsidized interest, so you don't pay interest while in school or while loans are in deferment. Only undergraduate students are eligible for them, and credit history doesn't matter.
- Direct Unsubsidized Loans: These loans are not need-based, and there's no subsidized interest. This means that students are responsible for paying interest. Undergraduate and graduate students are eligible regardless of credit history.
- PLUS Loans: These are available to graduate or professional students and parents of undergraduates. You can't qualify with adverse credit, and interest rates and origination fees are higher than those of Direct Loans. Interest is not subsidized.
Direct Subsidized and Unsubsidized Loan limits
Here are the borrowing limits for Direct Subsidized Loans and Direct Unsubsidized Loans. The table shows both undergraduate borrowing limits and graduate student loan limits.
| | |
|---|
| $5,500 annually (up to $3,500 can be subsidized) | $9,500 annually (up to $3,500 can be subsidized) |
| $6,500 annually (up to $4,500 can be subsidized) | $10,500 annually (up to $4,500 can be subsidized) |
| $7,500 annually (up to $5,500 can be subsidized) | $12,500 annually (up to $5,500 can be subsidized) |
Graduate or professional student | | |
| $31,000 (up to $23,000 can be subsidized) | $57,500 for undergrads (up to $23,000 can be subsidized) $138,500 for graduate or professional students, including undergrad loans (up to $65,500 can be subsidized) |
*Dependent undergraduates whose parents aren't eligible for a PLUS loan can borrow up to the independent student amount.
Direct PLUS Loan limits
For Direct PLUS Loans, the maximum you can borrow as a graduate is the school-certified cost of attendance, minus any other financial aid you receive.
Keep in mind that PLUS loans usually come with higher interest rates. In 2023, the interest rate for Direct PLUS Loans is set at 8.05%.
Private student loan limits
The amount you're allowed to borrow in private student loans varies by lender.
Most private lenders typically let you borrow up to your school’s certified cost of attendance, minus any financial aid you receive from other sources. This can be useful if you max out your federal loan options and still need more funding.
On the other hand, there are private lenders who impose annual or lifetime loan limits. For example, Citizens allows you to borrow up to a specific aggregate amount based on the degree you are working toward:
- $150,000 for undergraduate and graduate degrees
- $225,000 for MBA and law degrees
- $180,000 to $350,000 for different health care degrees
Private student loan limits can vary depending on the lender and factors such as your credit score, income, and the financial credentials of your cosigner (if you have one). Some lenders allow you to prequalify for a loan on their website, which allows you to view estimated loan amounts and interest rates that you may qualify for.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
How much should I borrow in student loans?
When you decide how much money to borrow, you don’t necessarily want to take out the maximum federal or private loans that are available to you.
You should ideally borrow only what you need to cover the essential costs of earning your degree. That's because the more you borrow:
- The more interest you will pay
- The higher your monthly payments will be
- The more difficult it might be to pay off your student loans after graduation
You don't want your student loans to become a major financial burden, so think about your future income and aim to borrow only the amount you believe you'll be able to comfortably repay.
A good rule of thumb is to keep your total loan debt below the amount you expect to earn annually as your starting salary upon leaving school.
Find Your Student Loan
Student loan alternatives
There are other ways to fund your degree besides taking out student loans. Before you borrow, consider looking into these options:
- Scholarships and grants: This is free money for school that could come from the government, your school, nonprofits, or for-profit organizations. You can find scholarships and grants by talking to your school's financial aid office, using online databases such as BigFuture, or looking for opportunities in your community or field of study.
- Savings or family contributions: If you or your loved ones have money saved or you have a college fund such as a 529 plan, you can use this money to cover the costs of earning a degree.
- Choose a less expensive school: You could try to earn some credits at a community college or choose a school with lower tuition or a more generous financial aid package.
- Work part-time: You could participate in the federal work-study program if you're eligible, which would allow you to get an on-campus job. Or you could find an employer outside of school, including some companies that offer tuition reimbursement.
By maximizing the money you get from these other sources, you’ll likely keep student loan costs down so you can easily stay below the allowable borrowing limits — and hopefully end up with a debt that's affordable to repay.
Meet the expert:
Christy Bieber
Christy Bieber has been working full-time as a freelance writer since 2008. She has written blogs, news articles, textbooks, and online courses on the topics of law, finance, and history. She lives with her husband, two children, and beagle.
