Student Loan Guide

Student Loan Guide

1. Stafford Loans

 Almost all students can get Stafford Loans no matter what your credit score is or other financial problems you may have had in the past. 

2. Parent PLUS Loan

A Federal Parent PLUS Loan is a loan that parents of dependent students can apply for to help pay for the remainder of school that the financial aid package did not cover. 

3. Federal Perkins Loan

A Perkins Loan is a federal loan given to undergraduate and graduate students with exceptional financial needs. It has a low interest rate at 5% and unlike other loans, it has to be applied through the student's financial aid office at their school. 

4. Graduate PLUS Loan

The Graduate PLUS Loan is almost exactly like the Parent Plus Loan except for the fact that it is for a Graduate Student to apply for. 

Stafford Loan Limits

Dependent Students Annual Loan Limits
First Year $5,500 ($3,500 subsidized/$2,000 unsubsidized)
Second Year $6,500 ($4,500 subsidized/$2,000 unsubsidized)
Third Year and Beyond $7,500 ($5,500 subsidized/$2,000 unsubsidized)

Independent Students Annual Loan Limits
First Year $9,500 ($3,500 subsidized/$6,000 unsubsidized)
Second Year $10,500 ($4,500 subsidized/$6,000 unsubsidized)
Third Year and Beyond $12,500 ($5,500 subsidized/$7,000 unsubsidized)
Graduate or Professional $20,500 ($8,500 subsidized/$12,000 unsubsidized)

Lifetime Limits
Undergraduate Dependent $31,000 (Up to $23,000 may be subsidized)
Undergraduate Independent $57,500
Graduate or Professional $138,500 (Up to $65,000 may be subsidized)
or $224,000 (for Health Professionals)

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