The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details. Fixed APR: 3. Fixed APR: 2. Enter your loan information to calculate how much you could pay Loan amount?
Interest rate? Loan term? Enter the amount of time you have to repay your loan years. If you reach your total limit, you can take out additional federal student loans if you first pay down your outstanding debt. Graduate and professional students unsubsidized only. PLUS loans are available to graduate and professional students, and to parents of dependent undergraduate students. There are no specific caps on PLUS loan borrowing.
The maximum amount of PLUS loans you can take out is the school's cost of attendance minus other financial aid you receive or your child receives. Cost of attendance includes tuition and fees, room and board, and books and other supplies. Private student loan limits vary by lender. Max out federal student loan borrowing before taking out private student loans. Federal loans have protections that private loans don't, including income-driven repayment plans and loan forgiveness programs.
Private student loan minimums and limits. Non-co-signed future income-based option:. Annually, the cost of attendance. Co-signed and non-co-signed credit-based options:. The information on this site does not modify any insurance policy terms in any way. You may be able to borrow up to the full cost of your college education in student loans, although the exact amount depends on the type of student loan you borrow.
Regardless of the maximum loan amount, you should only borrow what you truly need. The more you borrow, the more interest will accrue.
The amount you can take out is based on:. You may be considered independent if you are over the age of 24, a military veteran or married, or if you financially support yourself. If a borrower hits the graduate loan limit and needs to borrow more, they can take out a federal grad PLUS loan, up to the cost of attendance. Private student loans are originated by private institutions such as banks, credit unions and online lenders. While many lenders will allow you to borrow up to the total cost of attendance, the total amount that you can borrow will vary based on the lender, your major, your credit score and whether or not you have a co-signer.
Below are examples of student loan limits among some private lenders. As a rule of thumb, try to keep your monthly student loan payment around 10 percent of your projected after-tax income your first year out of school. The Bureau of Labor Statistics may help you estimate your postgraduation salary, and you can use a student loan calculator to estimate your loan payment based on the loan amount and interest rate. If you or your parents are willing to take out a PLUS loan, you might be able to fill the gaps that way.
Scholarships and grants can be offered by the government, states, universities or private organizations. The key to maximizing potential scholarship money is to apply for as many as possible. There are scholarships offered for just about everything.
Scholarship search engines can help you find scholarships that you qualify for based on things like your major, hobbies or future career aspirations. Federal work-study programs are a form of financial aid designed for students with financial need.
The program helps you find part-time employment with a company that partners with your school, and the money you earn goes straight to you. Some small-scale changes include opting to rent or buy used textbooks instead of new, living off campus or getting roommates.
You can also consider transferring to an in-state school, trying out an online program or dropping to half-time enrollment while you work a part-time job. Learn about other borrowing options for college. There are three types of federal student loans.
Learn more about federal student loans. Learn more about private student loans. Want to pay less for college? Sallie Mae and our partner Frank make applying easy with a faster, simplified process and step-by-step guidance—and it's free. Clicking this button on this page takes you away from salliemae. Any information you provide will be shared with Frank and will be covered under the terms of the Frank privacy policy.
To submit the FAFSA for federal student loans and for all types of federal financial aid , there are a few things to keep in mind:. Since private student loans are offered by banks and financial institutions as opposed to the federal government , you apply directly to the lender.
If you apply for a loan with us , it only takes about 15 minutes to apply and get a credit decision. You accept your federal student loans by signing and returning your financial aid offer.
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