How much can I borrow in student loans?

The amount you can borrow in student loans depends on several factors, including the type of loan you take out and your school’s cost of attendance.

By Robyn Conti

Written by

Robyn Conti

Writer

Robyn Conti has been helping educate consumers and financial professionals about investing, retirement planning, and personal finance since 1998. Her articles have run in publications including Forbes Advisor, The Motley Fool, and Robb Report, among others.

Edited by Alicia Hahn

Written by

Alicia Hahn

Senior Editor

Alicia Hahn is a student loans editor with more than a decade of editorial experience. She has worked with major finance and lifestyle brands including Mastercard, Forbes, Care.com, The Balance, and others. When she’s not working, Alicia enjoys cooking, traveling, watching true crime documentaries, and doing crosswords.

Updated May 14, 2024, 5:24 PM EDT

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There are many types of student loans, each with their own borrowing limitations and terms. Federal student loans tend to have stricter borrowing limits compared to private loans, and it’s not uncommon for students to use a mix of both to cover their education expenses.

Dependent undergraduate students can borrow a maximum of $31,000 in unsubsidized federal loans over the course of their studies.
Graduate students can take out up to $20,500 in federal unsubsidized loans each year, but can take out more with grad PLUS loans.
Undergraduate students with financial need can borrow up to $23,000 in subsidized federal loans for their undergraduate studies.
Private lenders generally let you borrow up to your school’s total cost of attendance, though terms may vary.

How much can I borrow in federal student loans?

Federal student loans have annual borrowing limits for each academic year, and lifetime borrowing limits known as aggregate loan limits. Once you reach your lifetime limit, you can no longer receive additional loans.

To determine how much federal aid you can get, you must submit the Free Application for Federal Student Aid (FAFSA). Once submitted, your school’s financial aid office will use the information you provided to determine which loans you’re eligible for, and how much you can borrow. The amount you can take out is based on:

Your year in school
Your school’s total cost of attendance
Your enrollment status
Whether you’re a dependent vs. independent student (do your parents financially support you?)

Federal Direct Subsidized Loan limits

Direct Subsidized Loans are available to undergraduate students who demonstrate financial need and are enrolled at least half-time at a qualifying school. The government pays the interest when you’re enrolled in school at least half-time, during deferment periods, and during your six-month grace period after you leave school.

Both dependent and independent undergraduate students can borrow between $3,500 to $5,500 per academic year, and up to $23,000 total. Here’s a breakdown of the annual borrowing limits for subsidized student loans:

Year in school	Maximum you can borrow
First year	$3,500
Second year	$4,500
Third year and beyond	$5,500
Lifetime loan limit	$23,000

For undergraduate borrowers, the current interest rate for Direct Subsidized Loans is 5.50% for loans disbursed on or after July 1, 2023, and before July 1, 2024.

Federal Direct Unsubsidized Loan limits

Direct Unsubsidized Loans are available to both undergraduate and graduate students, and there’s no financial need requirement. Anyone enrolled at least half-time at a qualifying school can qualify for these loans.

Unsubsidized loans are generally the most affordable and accessible type of loan after subsidized federal loans. Like other federal loans, they come with annual and aggregate loan limits, depending on whether you’re a dependent, independent, or graduate student.

Borrowing limits for Direct Unsubsidized Loans are as follows:

Year in school	Dependent undergraduates	Independent undergraduates	Graduate students
First year	$5,500	$9,500	$20,500
Second year	$6,500	$10,500	$20,500
Third year and beyond	$7,500	$12,500	$20,500
Lifetime loan limit	$31,000	$57,500	$138,500 (includes undergraduate loans)

The current interest rate for undergraduate borrowers is 5.50%. For graduate and professional borrowers, the interest rate is 7.05% for loans disbursed on or after July 1, 2023, and before July 1, 2024.

Federal Direct PLUS loan limits

PLUS loans have no cumulative borrowing limits. You can borrow up to your school’s total cost of attendance, minus any other financial aid you receive, such as grants and scholarships.

Many borrowers turn to PLUS loans after exhausting all their subsidized and unsubsidized federal loans. There are two types of Direct PLUS Loans:

Parent PLUS loans: Parent PLUS loans are for biological or adoptive parents (and in some cases, stepparents) of dependent undergraduates.
Grad PLUS loans: Graduate PLUS loans are available to graduate or professional students.

You must pass a credit check to qualify for a Direct PLUS Loan. Borrowers with adverse credit won’t qualify without an endorser (similar to a cosigner) or proof of extenuating circumstances that explain their credit history. You must also complete credit counseling.

How much can I borrow in private student loans?

If you still have education costs to cover after exhausting all federal student loan options, consider looking into private student loans. These loans are available through banks, credit unions, and online lenders.

Good to know:

Private student loans often come with higher interest rates and fewer borrower protections than federal loans. Consider them only after using up your federal aid options.

Many lenders will let you borrow up to your school’s total cost of attendance. Like federal student loans, some private loans have lifetime limits. For example, Citizens Bank offers undergraduate and graduate student loans up to $150,000, and loans for health care degrees up to $350,000. However, other factors may impact the amount you can borrow, such as:

Your credit score
Your income
Your degree program
Having a cosigner
A lender’s specific terms

If you’re working while in school, you may also be able to qualify based on meeting certain income requirements. The less risky you appear to lenders — meaning you meet or exceed their eligibility criteria — the more likely you are to get approved for a higher loan amount.

4.44.4

Fox Money rating

Fixed (APR)

5.48% -

Loan Amounts

$10,000 up to total refinance amount

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.

Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.

Unfortunately, ELFI doesn’t allow borrowers to release cosigners, nor does it offer any rate discounts. However, borrowers who experience financial hardship may be eligible for up to 12 months of forbearance.

Interest rates

Fixed and variable

Minimum credit score

680

Minimum income

$35,000

Loan terms

5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing

Loan amounts

Minimum of $10,000 with no set maximum.

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.

4.64.6

Fox Money rating

Fixed (APR)

5.49% -

Loan Amounts

$5,000 - $250,000

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Founded in 2009, LendKey partners with 300+ community banks and credit unions to connect borrowers with the loans they need. You can compare multiple lenders at once without affecting your credit score.

However, the exact terms and qualification requirements available through LendKey vary depending on your chosen community lender. While you can easily compare options, you’ll need to read the fine print of each offer to make sure the loan offers everything you need.

Interest rates

Fixed or variable

Minimum credit score

680

Minimum income

Does not disclose

Loan terms

5, 7, 10, or 15 years

Loan amounts

$5,000 to $250,000

Cosigner release

Varies based on lender's terms

Eligibility

Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.

3.93.9

Fox Money rating

Fixed (APR)

5.85% -

Loan Amounts

$5,000 - $250,000

Min. Credit Score

670

Check Rates

on Credible’s website

View Details

Overview

INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.

However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.

Interest rates

Fixed or variable

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$5,000 to $250,000

Cosigner release

12 months

Eligibility

U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.

3.83.8

Fox Money rating

Fixed (APR)

6.00% -

Loan Amounts

$7,500 - $200,000

Min. Credit Score

700

Check Rates

on Credible’s website

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Overview

EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.

EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$7,500 to $200,000

Cosigner release

24 months

Eligibility

U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.

Fox Money rating

Fixed (APR)

6.20% -

Loan Amounts

$10,000 up to the total amount

Min. Credit Score

670

Check Rates

on Credible’s website

View Details

Overview

Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.

Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.

Interest rates

Fixed

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

7, 10, or 15 years

Loan amounts

$10,000 up to your total debt

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.

3.73.7

Fox Money rating

Fixed (APR)

6.34% -

Loan Amounts

$7,500 - $250,000

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.

RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.

Interest rates

Fixed

Minimum credit score

680

Minimum income

$40,000

Loan terms

5, 10, or 15 years

Loan amounts

$7,500 minimum up to of $250,000, depending on degree

Cosigner release

None

Eligibility

Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.

4.74.7

Fox Money rating

Fixed (APR)

6.49% -

Loan Amounts

$10,000 - $750,000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

Overview

Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.

Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.

If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 7, 10, 15, or 20 years

Loan amounts

$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees

Cosigner release

36 months

Eligibility

Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.

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What if I reach my borrowing limit?

If you’ve reached your student loan borrowing limit and still need more funding to pay for school, here are some steps you can take:

Contact your school’s financial aid office: They might be able to provide guidance on further funding options, and help you apply for scholarships, grants, or work-study programs.
Work part-time: Earning money through part-time work can help cover tuition and living expenses without increasing your debt. Consider on-campus jobs or remote gigs for added flexibility.
Save on living expenses: You can significantly reduce your college costs by living at home, opting for off-campus housing, or sharing room and board expenses with a roommate.
Consider a more affordable school: Public in-state schools are often much more affordable than private out-of-state colleges.

Learn more: Average cost of college 2024

How much should I borrow in student loans?

While you may get approved for the maximum loan amount, that doesn’t mean you have to borrow it all. Ideally, you should only borrow what you need for your education, including tuition, fees, books, and essential living expenses.

Depending on the terms, it could take a decade or more to pay off your loan. The longer you take to pay back the loan, the more interest you’ll pay over time. So it’s usually best to borrow only what is absolutely necessary.

Meet the contributor:

Robyn Conti