<p>Let's say I can get through my freshman year without taking student loans. The following year, can I take out loans up to the limit of both freshman and sophomore year ($12,000 now with the passage of that new law)?</p>
<p>No. The limits are per year. There is a cumulative limit so if you took longer than 4 years to graduate you could borrow in subsequent years if you have not reached your cumulative limit.</p>