June 18, 2021

How Much Can I Get in Student Loans?

Chipper Help

Although student loans are helpful in covering the cost of your college education, there are limits in the amount you can borrow. Thankfully, there are other options you can explore, such as PLUS loans and private student loans.

Given these options, you now may be wondering how much can you get in student loans. Keep on reading to find out!

Student Loan Limits

Federal student loan borrowing limits depend on whether you are supported by your parents or not, your year in school, and the type of loan. The three types of federal student loans are Direct subsidized, Direct unsubsidized, and Direct PLUS.

Direct Subsidized and Direct Unsubsidized

Direct subsidized loans are solely available to undergraduates. Meanwhile, Direct unsubsidized loans are for undergraduates and graduate students. Both loans have annual and aggregate loan limits.

If your parents support you financially, you are considered a dependent student. Your parents’  finances will affect your eligibility for subsidized loans.

As a dependent undergraduate student, you can take out $5,500 to $7,500 in federal student loans every year you are in school. If your parents do qualify, your total borrowing in subsidized loans can be up to $23,000.

Borrowing Limits for Dependent Undergraduates

If your parents cannot qualify for a Direct PLUS loan, you may qualify for an additional subsidized loan. The federal borrowing limits for independent undergraduates also apply.

Borrowing Limits for Independent Undergraduates

Borrowing Limits for Graduate and Professional Students

Federal Direct PLUS Loans

If you have hit your limit on student loans, you can turn to PLUS loans. These loans are available to parents of dependent undergraduates and graduate students.

Federal Direct PLUS loans do not have a cap on the student loan amount you can borrow. However, you cannot exceed the cost of attendance minus other financial aid.

The school’s cost of attendance includes tuition and fees, books, supplies and equipment, room and board, and transportation.

PLUS loans do not require a specific credit score. You just need to pass a basic credit check.

Private Student Loans

Private student loan limits depend on your ability to repay your loan. Lenders look at the required amount of your monthly income to repay plus other existing obligations.

Since undergrad students do not have a history of earnings and credit, most private student loans are cosigned by a family member or friend.

Additionally, private student lenders will have a maximum student loan limit. The amount you borrow cannot be more than your school’s cost of attendance.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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