Stafford Loan Limits Have Increased
Almost every student attending college today is using a loan of some kind to help pay for tuition, room and board and books. Stafford Loans are one of the best financial products available to students to help meet the rising costs of a college education. The loans can be used by both undergraduate and graduate students. They are low, fixed-rate loans, meaning that their interest rates don't change due to fluctuations in financial markets. However, there are Stafford Loan Limits on how much a student can borrow each year and throughout his college career. Stafford Loan Limits vary depending on whether a student is receiving a subsidized loan or an unsubsidized loan. A subsidized loan is given to a student who has shown that he needs financial assistance to attend a four-year college. Each university determines the assistance needs of its own students. All other students are eligible for unsubsidized loans. The loans are also impacted by a student's dependency status. If he can be considered a dependent of his parents, he is eligible for less money than an independent student.
Even if a student is eligible for a subsidized Stafford loan, he can combine it with an unsubsidized Stafford loan to help cover the costs of a year's tuition, room and board and other expenses. The Stafford Loan Limits for each year's expenses have risen recently. An undergraduate dependent student in his first year of school can receive a total of $5,500 in subsidized and unsubsidized loans. The amounts increase by approximately $1,000 per year for undergraduates. Graduate students are eligible to receive a total of $9,500 the first year they are in school, which also increases by $1,000 per year. Graduate and professional students may receive a total of $20,500 a year. Stafford Loan Limits have a lifetime cap. Undergraduates who are dependents can receive a total of $31,000, with up to $23,000 of that amount in subsidized loans. Independent undergraduates are eligible to receive up to $37,500 in loans through their college careers, with no limit on the amount of subsidized loans. Graduate students are eligible to receive no more than $138,500, with a little less than half of that, or $65,000 in subsidized loans. Health care professionals, such as medical school students, can receive up to $240,000 in loans for their advanced training. Although many people would prefer to avoid taking out loans to pay for college, at interest rates of between 3.4 and 6.8 percent, Stafford loans are a good investment in a student's education and his future employment. |
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