Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans How Much Student Loan Money Can I Get? Federal and Private Limits Explained Updated May 08, 2025 5-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Lindsay VanSomeren Written by Lindsay VanSomeren Expertise: Mortgages, personal loans, student loans, auto loans, banking, budgeting, debt, insurance, credit cards, credit Lindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people learn how to manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies. Learn more about Lindsay VanSomeren Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® Paying for college often means taking out student loans—but how much can you actually borrow? Quick answer: Most undergraduates can borrow between $5,500 and $12,500 per year in federal student loans, depending on their year in school and dependency status. Graduate students can borrow up to $20,500 per year. Private lenders may allow you to borrow up to the full cost of attendance, depending on your credit and school certification. In this guide, we’ll break down borrowing limits, show you how lenders determine your maximum loan amount, and help you make smart decisions about how much debt to take on. Table of Contents How much can I get in federal student loans? Federal loan limits by student type Graduate and PLUS loan limits How much can I get in private student loans? Can I take out multiple student loans? What to do if you need more than you’re approved for How much student loan debt should I take on? FAQ How much can I get in federal student loans? Federal student loans are issued by the Department of Education and come with annual and aggregate limits. To apply, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). Your school will calculate how much you can borrow based on your financial need and cost of attendance. Federal loan limits by student type Dependent undergraduates: Year of studySubsidized limitTotal limit (Unsubsidized + Subsidized)1$3,500$5,5002$4,500$6,5003+$5,500$7,500Total$23,000$31,000 Independent undergraduates: YearSubsidized limitTotal limit (Unsubsidized + Subsidized)1$3,500$9,5002$4,500$10,5003+$5,500$12,500Total$23,000$57,500 Graduate and PLUS loan limits Graduate and professional students can borrow up to $20,500 per year in Direct Unsubsidized Loans, with a lifetime cap of $138,500 (including undergrad loans). PLUS loans (for graduate students or parents) can be used to cover any remaining cost of attendance not met by other aid. There’s no annual or aggregate limit, but you must pass a credit check. How much can I get in private student loans? Private lenders set their own rules for maximum loan amounts but typically won’t allow you to borrow more than your school-certified cost of attendance minus any other financial aid. If you or your cosigner have strong credit and income, you may qualify for the highest borrowing limits. Here are the maximum annual loan limits for several private student loan lenders: LenderMaximum loan amountCitizens Bank$150,000College Ave100% of your school-certified cost of attendanceCustom Choice$99,999 per academic yearEarnest100% of the school-certified cost of attendanceELFI100% of your school-certified cost of attendanceFundingU$20,000 per academic yearMPOWER$50,000Nelnet Bank$500,000PNC$50,000Sallie Mae100% of the school-certified cost of attendanceSoFi100% of school-certified cost of attendanceUnion Federal$99,999 Read More: Best Private Student Loans Can I take out multiple student loans? Yes. Most students take out multiple loans over the course of their college career, often once per academic year. You can also combine federal and private loans to cover the full cost of your education. What to do if you need more than you’re approved for Start by visiting your school’s financial aid office. They may be able to adjust your aid package or recommend additional options. Other strategies: Apply with a creditworthy cosigner (Consider Sallie Mae, which our team determined is the best private student loan for cosigners) Look for scholarships or grants Consider a lower-cost school or community college Explore installment payment plans through your school How much student loan debt should I take on? Borrow only what you need. A good rule of thumb is to borrow no more than your expected first-year salary after graduation. This makes monthly payments more manageable and helps you avoid long-term financial strain. FAQ How much student loan money can I get each year? It depends on your loan type and student status. Federal undergraduate loans range from $5,500 to $12,500 per year, depending on your year in school and dependency status. Graduate students can borrow up to $20,500 annually in Direct Unsubsidized Loans. Private lenders may offer loans up to your full cost of attendance. What’s the total amount I can get in federal student loans? Undergraduate students can borrow up to $31,000 in federal loans if they’re dependent or $57,500 if independent. Graduate and professional students, including any undergraduate loans, have a higher aggregate cap of $138,500. Can I get more student loans if I still have a balance to pay? Possibly. You can apply for additional loans the following year, or seek private student loans or a PLUS loan to fill funding gaps. Be sure not to exceed your cost of attendance. Can I borrow more than I need for school? Not usually. Most lenders, especially federal loan programs, only allow you to borrow up to your school’s certified cost of attendance. However, if your living expenses are underestimated, talk to your school’s financial aid office; they may be able to adjust your COA. Can I take out federal and private student loans at the same time? Yes. Many students use federal loans first, then private loans to fill in any gaps. Just be mindful of the total debt you’re taking on. How much private student loan money can I get? Most private lenders will allow you to borrow up to 100% of your school-certified cost of attendance, but they consider factors like your credit score, income (or your cosigner’s), and debt-to-income ratio when determining approval and loan size. Editor’s note: Want to see loan options that fit your budget? Use a student loan marketplace—our favorite is Credible—to compare prequalified rates from multiple lenders without affecting your credit.