How Much Can I Borrow?
Federal Direct Loans
Federal Direct Loans are available to undergraduate and graduate students who are U.S. citizens or permanent residents regardless of the demonstration of eligibility for need-based aid.
These loans have annual borrowing limits based on grade level. These limits are:
| Freshmen | $ 5,500 |
| Sophomores | $ 6,500 |
| Juniors & Seniors | $ 7,500 |
| Independent | In addition to the annual loan limits listed above, independent undergraduates may also borrow a Federal Direct Unsubsidized Loan, up to these amounts:
|
| Graduates | Graduate students may borrow up to $20,500 in Federal Direct Unsubsidized Loans only. |
Federal Direct PLUS Loans
Federal Direct PLUS Loans are for graduate students OR parents of dependent undergraduate students, and are available regardless of whether the family demonstrates eligibility for need-based aid.
Both the Grad PLUS and the Parent PLUS Loans can be borrowed in amounts up to the student's Cost of Attendance (COA) minus any aid the student is offered, plus standard origination fees.
For example, if a dependent undergraduate student’s COA is $77,400 and the student receives $55,500 in offered aid, the maximum amount the parent could borrow for the academic year would be:
| $77,400 | Standard COA |
| + $1,310 | plus standard increase to the COA to cover PLUS Loan fees |
| = $78,710 | equals adjusted COA |
| - $55,500 | minus amount of student's offered aid |
| = $23,210 | equals the maximum amount that can be borrowed |
Calculate Your Estimated Disbursement Amount
An origination fee is a percentage of your loan amount charged by the lender for the processing of your loan. Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept.
Loan fees for Federal Direct Subsidized and Unsubsidized Loans with a first disbursement on or after October 1, 2020 are 1.057%; loan fees for Federal Direct PLUS Loans are 4.228%. These fee percentages are used in the calculation below.
Use the calculator below to determine the amount of money that you will either receive after fees are applied or the increased amount you need to request to cover the origination fees. All amounts below are represented in U.S. dollars.
*Rounded to nearest dollar - actual amounts may vary slightly due to rounding
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