How Much Student Loans Can I Get?
One of the most frequently asked questions about student loans is that how much do you qualify for. Rather than wondering how much student loans can you get, you should start start thinking about how much should you apply for. This is because often times if you go to a community college, the financial aid covers almost everything unless you were making quite a lot of money the previous year. College students often qualify for wide range of loans, in addition to the grants and scholarships they already get.
How much loans can you get for college?
Sky is the limit, even though you might have little bit of trouble getting a loan amount over $50,000 in a year depending on various factors. But still there is much more possibility of you obtaining that loan than not. There are many students who owe more than $100,000 in loans. However, one thing to remember is that if you are only applying for a subsidized loan that you don’t pay interest for while in school, there is a limit because government pays that interests and school determines how much unsubsidized loan you deserve and be disbursed to you. If you fill out FAFSA, at the beginning for the semester you college sends out the award letter outlining all the grants, scholarships, and loans you are getting. It looks at your EFC, which is an Expected Family Contribution, your own income, full-time or part-time student and college expenses.
On the other hand, there are many other private unsubsidized loan companies. You can apply for as many as you want. In the end, if you add up all the loans you obtain from these different loan companies, it could easily go over hundred and thousands of dollars. However, as we discussed above, you should only apply for the amount you really need because you have to pay back these money eventually. Consider using your savings, working, applying for scholarships, education benefits from your employer, cutting down your expenses, buying used books to save money, etc.
There are many ways to get so much money in student loans. Most of the time private student loans only require you to have a co-signer unless you are somewhere over 24 age limit and not super bad credit history, even that is sometimes not required. However, students have to be taking classes at colleges and going at least part-time.
Here is the table determining how much Federal Stafford student loans you can borrow; it’s a subsidized loans and there is no payments while you are in school:
|Student Type||Dependent Undergraduate Student||Independent Undergraduate Student|
|Freshman||$3,500 plus $2,000 in unsubsidized loans||$9,500 – Maximum of $3,500 can be in subsidized loans|
|Sophomore||$4,500 plus $2,000 in unsubsidized loans||$10,500 – Maximum of $4,500 can be in subsidized loans|
|Juniors and Seniors||$5,500 plus $2,000 in unsubsidized loans||$12,500 – Max of $5,500 can be in subsidized loans|
|Maximum Total Debt from Stafford Loans||$31,000
(maximum $23,000 subsidized)
|$57,500 – Max of $23,000 can be in subsidized loans|
This article is useful for following information:
- how much student loan can i get
- how much can you get in student loans for 1 year