Hello,
I’m in my third year of college and wondering how much I’ll be able to borrow in subsidized and unsubsidized Stafford Direct loans for the remainder of my undergrad program. My parents were denied Parent Plus Loans every single FAFSA I’ve applied for. Does this change the limit in loans that I can borrow?
10/6/2016 - Direct Stafford Unsubsidized - $6000
10/6/2016
Sorry, typing this out on phone and I hit submit too early. What I’ve taken out so far:
10/6/2016 - Direct Stafford Unsubsidized - $6000
10/6/2016 - Dorect Stafford Subsidized - $4500
10/8/2015 - Direct Stafford Unsubsidized - $6000
10/8/2015 - Direct Stafford Subsidized - $3500
2/20/15 - Direct Stafford Unsubsidized - $2000
2/20/2015 - Direct Stafford Subsidized - $3500
Total Stafford Direct Unsubsidized: $14000
Total Stafford Direct Subsidized: $11500
Any help would be super appreciated!
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#how-much
looks like the loan limit for undergrad is:
Your first term was spring 2015, and it looks like you just borrowed $5,500 for that.
Then for fall 2015 you borrowed $9,500.
And in fall 2016 you borrowed $10,500.
So so far you borrowed a total of $25,500
@mommdc Thank you! So the borrow limit is $31,000 for dependent students and $57,000 for independent students. So to clear things up, even though I am a dependent student, because my parents applied for Parent Plus loans and were denied, I can borrow as much as an independent student can, which is $57,000?
That’s the way I understood it from the link. Since you can borrow as much as an independent student.
But the less you need to borrow, the better. Some of it will accrue interest and it all needs to be paid back.
@kelsmom can you confirm the loan limit that applies to OP’s situation