Your school determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. This first step in applying for any Federal Loan is to complete the FAFSA.
Loan Interest Rates 2024-25 (effective July 1, 2024 thru June 30, 2025)
Sub and Unsub (undergraduate program) 6.533.%
Unsub (graduate program/professional) 8.083%
Parent PLUS (undergraduate program) 9.083%
Graduate PLUS (graduate program) 9.083%
The following chart outlines maximum annual and aggregate loan limits for Direct Subsidized and Unsubsidized Loans
Dependent Undergraduate | Dependent Undergraduate with a Parent PLUS Loan Denial* | Independent Undergraduate | |
---|---|---|---|
Freshman | $5,500
A maximum of $3,500 may be subsidized |
$9,500
A maximum of $3,500 may be subsidized |
$9,500
A maximum of $3,500 may be subsidized |
Sophomore | $6,500
A maximum of $4,500 may be subsidized |
$10,500
A maximum of $4,500 may be subsidized |
$10,500
A maximum of $4,500 may be subsidized |
Junior/Senior | $7,500
A maximum of $5,500 may be subsidized |
$12,500
A maximum of $5,500 may be subsidized |
$12,500
A maximum of $5,500 may be subsidized |
Aggregate Loan Amounts | $31,000
A maximum of $23,000 may be subsidized |
$57,500
A maximum of $23,000 may be subsidized |
$57,500
A maximum of $23,000 may be subsidized |
* If the parent borrower is denied a Direct Parent PLUS loan, the dependent student may be eligible for an additional Direct Unsubsidized Loan. However, if the parent borrower is later approved for the Direct PLUS loan, or another parent borrower is later approved, the dependent student will no longer be eligible for the additional Direct Unsubsidized Loan.
Graduate Program | $20,500 annual limit | $138,500 aggregate limit |
---|---|---|
Professional/VetMed Program | $40,500 annual limit | $224,000 aggregate limit |
The graduate debt limit includes Direct Loans received for undergraduate study.