How Many Student Loans Can I Take Out?

Student loans can provide much-needed help to cover the cost of attending college, but you may be wondering if there’s a limit on how many student loans you can apply for throughout your college career. 

Although there’s no hard limit on the number of student loans, you can have at a time, both federal and private student loans come with restrictions you’ll want to consider as you determine the best way to pay for school. Here’s everything you need to know.

How many student loans can I take out?

There’s no hard limit on the number of student loans you can take out, but the federal government and private lenders set student loan limits based on a dollar amount. 

For instance, if you’re an undergraduate student, you can get between $5,500 and $12,500 per year in federal student loans and up to $57,500 in total undergraduate federal loans. Graduate students and parents may be able to get up to the total cost of attendance for their school.

Private student loan limits can vary depending on the lender, so it’s important to shop around and compare several options to ensure you get the financing you need. Here are some more details for each type of student loan.

How much in federal loans can I get for college?

Federal student loan limits vary depending on your grade level and whether or not you qualify as financially independent from your parents. For example, you may be considered an independent student if you’re at least 24 years old, married, or have dependents other than a spouse.   

If you don’t meet these or other eligibility criteria for independent student status, you’ll be classified as a dependent student and be subject to a lower limit. Here’s how the limits break down:

Year in school	Dependent student	Independent student
First-year undergrad	$5,500	$9,500
Second-year undergrad	$6,500	$10,500
Third-year and beyond undergrad	$7,500	$12,500

Dependent undergraduate students can borrow up to $31,000, while independent students can receive up to $57,500 throughout their undergraduate program. Find out more about federal student loan limits.

If you’re a graduate student or a parent, your loan limits will depend on the loan program you apply for. With unsubsidized Direct Loans, for instance, graduate and professional students can borrow up to $20,500 per year and up to $138,500 in total. 

With Direct PLUS Loans, however, there is no hard dollar limit. Instead, your maximum loan amount each year will be based on your school’s cost of attendance minus any other financial aid you receive.  

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Do student loans cover a semester or year?

How much in private loans can I get for college?

Private student loan companies set their own annual and aggregate student loan limits. Some may cover the annual cost of attendance minus other financial aid; others may limit it. 

As you can see below, our four top-rated student loan lenders will cover up to 100% of college costs: 

Lender	LendEDU rating	Max. annual borrowing limit
College Ave	5/5	100% of certified costs
Sallie Mae	4.8/5	100% of certified costs
Earnest	4.7/5	100% of certified costs
SoFi	4.7/5	100% of certified costs

What happens if I max out my student loan limits?

If you run into the problem of maxing out your annual or aggregate allotment of student loans, there are a few different options you can consider.

Apply for gift aid

Scholarships and grants are considered gift aid because you don’t have to pay them back. Check with your school’s financial aid office to determine your eligibility for scholarships or grants based on your academic performance and other qualifications. 

Additionally, you can use scholarship websites like Scholarships.com and Fastweb to search for private scholarship and grant opportunities. 

Find employment

If you don’t already have a job, consider working at least part-time while you’re in school and full-time during the summer to minimize how much you need to borrow. You may consider on-campus and off-campus jobs depending on your transportation options.

Ask a parent for help

If you’re an undergraduate student, one option is to have a parent take out Federal Parent PLUS loans. The annual limit on a Parent PLUS loan is the cost of attendance minus any other financial aid, so you don’t have to worry about running into a hard limit.

Remember that Parent PLUS loans have higher interest rates than other federal student loans and limited access to income-driven repayment. 

Consider another lender

If you’ve maxed out your federal student loans, consider applying with a private student lender to bridge the gap. Because private student loan approval is based on income and creditworthiness, you may need to ask a parent to cosign your application.

How to borrow responsibly

While noting annual and aggregate student loan limits is important, avoid using those as targets for how much to borrow. While it can be difficult to plan for all the expenses you’ll incur as a student, here are some tips to help you minimize your student loan debt burden after graduation:

1. Don’t borrow more than your first-year salary: One rule of thumb is to avoid borrowing more than you expect to earn during the first year of your career. You can use websites such as Payscale or Salary.com to find the average annual salary for the type of job you hope to land, then use that as a hard aggregate borrowing limit for yourself.
   
2. Maximize other types of financial aid: Before accepting student loans, you must make the most of other financial aid available. This may include scholarships, grants, work-study opportunities, fellowships, and assistantships. If you aren’t sure where to start, contact your school’s financial aid office to learn more about opportunities.
   
3. Stick to a budget: While you can use student loans for certain living expenses, such as rent, groceries, and transportation, it’s important to try to keep your costs low and save money. This may include living with several roommates, limiting discretionary spending like eating out and traveling, and seeking out student discounts.
   
4. Find a job: Unless your degree program demands all your free time, even a small income can save you big time in the long run.

It’s also critical to note that it’s best to avoid taking out private student loans until you’ve maxed out your federal student loan allotment. Private student loans may charge higher interest rates and typically have much fewer relief options for borrowers than federal loans.