|
|
 |
|
In May 2008, the President signed the Ensuring Continued Access to Student Loans Act of 2008 (Pub. L. No. 110-227), which made several changes to federal student loans first disbursed on or after July 1, 2008. The most significant changes involved increases in loan limits by $2,000, which are reflected in the table below.
|
|
New Loan Limits
|
Freshman Year
Sophomore Year
Remaining Years |
$5,500
$6,500
$7,500
|
|
Aggregate Limit for Bachelor’s
Degree
|
$31,000
|
*Aggregate limit applies to total Stafford loan amounts, including subsidized and unsubsidized
Independent, Certain Dependent and Graduate Students
Independent undergraduate students, as well as dependent students whose parents have been turned down for a PLUS loan, can borrow an additional unsubsidized $6,000 (up from $4,000) the first two years and $7,000 the remaining years (up from $5,000). The annual loan limit goes up to $9,500 for freshmen; $10,500 for sophomores; and $12,500 for juniors and seniors. The aggregate Stafford loan limit these students may borrow, including subsidized loans, is now $57,500 (minus subsidized loans amounts).
Graduate and professional students can borrow $25,000 per year, although only $8,500 of that is subsidized. The aggregate subsidized amount for these students, including undergraduate loans, is $65,500. The combined cumulative limit for both subsidized and unsubsidized loans is $138,500.
For independent graduate students and for graduate students whose parents were denied a PLUS loan, the cumulative limits are $46,000 and $138,500, respectively. Starting July 1, 2007, some medical school students may borrow up to $40,500 a year (up from $38,500) and a cumulative total of $189,125.
Learn more about FFELP:
|
|
|