Hey guys, pretty stressed about college financials. Anyone know the max amount a student like myself can borrow in terms of student loans for college?
Sure, I can help you with that. The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and whether you're a dependent or an independent student. For dependent undergraduates, the max is $5,500 to $7,500 per year, with a total limit of $31,000. For independent undergraduates, the annual max ranges from $9,500 to $12,500, with a total cap of $57,500.
Another type of federal loan is the Direct PLUS loans which can cover the remainder of your college costs not covered by other financial aid, barring the cost of attendance. For these loans, however, your parents would be the ones borrowing the money, not you.
Keep in mind that while loans can assist in covering the costs of college, interest can accumulate over time so it's important to borrow only what you need. There are also opportunities to explore like scholarships, work-study programs, and grants, which do not require repayment. I hope this information eases some of your stress!
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