Stafford Rules and Limits for Grad Students
- What loan options are available to graduate students?
If you need to borrow money for your graduate education, you should first consider if you are eligible to borrow a Stafford and/or Grad PLUS loan. Both of these loans are guaranteed by the federal government and have relatively low interest rates. Second, you might consider borrowing a private or alternative loan if you need additional funding assistance.
- As a graduate student, how much can I borrow in Stafford loans?
Currently, as a graduate or professional student you are eligible to borrow up to $20,500 per academic year with no more than $8,500 being a subsidized loan. Beginning July 1, 2012 graduate and professional students will no longer be eligible for subsidized Direct Stafford loans. The yearly maximum you will be eligible to borrow under the unsubsidized Direct Stafford loan program will remain at $20,500 per academic year. Certain health professions students will be eligible for up to $47,167 in unsubsidized Direct Stafford funds each year. The aggregate loan limit for graduate and professional students remains unchanged at $138,500 ($224,000 for certain health professions students), not more than $65,500 of which may be in subsidized loans.
- What is the total amount I can borrow in Stafford loans for my undergraduate and graduate education?
There are lifetime loan limits under the Stafford loan program. Combined undergraduate and graduate borrowing cannot exceed $138,500. If you are enrolled in a health professions program, combined undergraduate and graduate borrowing cannot exceed $224,000.