Policy Frequently Asked Question: HERA and Aggregate Loan Limits
I know the annual loan limits are increasing effective July 1, 2007. But I’ve not seen very much about how these new limits affect the aggregate amount of Stafford-loan funds that a student may borrow. How much did the aggregate loan limits increase?
Although the Higher Education Reconciliation Act of 2005 increased annual loan limits, it did not change the long-standing applicable aggregate limits. Aggregate loan limits remain as follows:
|
Student Classification |
Loans Included |
Aggregate Loan Limit |
|
Dependent undergraduate. |
• Combined subsidized and unsubsidized Stafford-loan funds.
• The outstanding balance of SLS and Direct Stafford loans.
• Any portion of a Consolidation loan attributable to one of the above types of loans. |
$23,000. |
|
Independent undergraduate, or dependent undergraduate whose parents are unable to borrow a PLUS loan. |
$46,000.
No more than $23,000 of this amount may be subsidized Stafford-loan funds. |
|
Graduate or professional. |
$138,500.
No more than $65,500 of this amount may subsidized Stafford-loan funds. |
|