Annual & Lifetime Stafford Limits
The federal Stafford loan programs carry both annual and cumulative (lifetime) limits. Your SAR (Student Aid Report) lists your cumulative loans, but it is important that you also keep records of all your loan transactions. You can also look up your loan history online using the NSLDS.
Annual Limits (beginning 2012-2013)
| Maximum Subsidized + Unsubsidized |
Maximum Subsidized |
|
|---|---|---|
| Dependent Freshman | $5,500 | $3,500 |
| Dependent Sophomore | $6,500 | $4,500 |
| Dependent Junior/Senior | $7,500 | $5,500 |
| Independent Freshman | $9,500 | $3,500 |
| Independent Sophomore | $10,500 | $4,500 |
| Independent Junior/Senior | $12,500 | $5,500 |
| Graduate/Professional * | $20,500 | $0 |
| Medical | $40,500 | $8,500 |
* The annual maximum for graduate students in selected clinical psychology majors may be increased to $31,000 depending upon financial need and cost of attendance.
Lifetime Limits (beginning 2012-2013)
| Maximum Subsidized + Unsubsidized |
Maximum Subsidized ** |
|
|---|---|---|
| Dependent Undergraduate | $31,000 | $23,000 |
| Independent Undergraduate | $57,500 | $23,000 |
| Graduate/Professional * | $138,500 | $65,500 |
| Medical | $224,000 | $65,500 |
* The graduate debt limit includes loans received for undergraduate study.
** Graduate subsidized Stafford loans are no longer available as the federal government has ended the subsidized loan program for graduate students.
What happens if I reach my lifetime limit?
If you reach your lifetime loan limit, you cannot receive any more of that type of loan. If you exceed your limit, aid already disbursed will be billed back. You will have to find alternate ways to finance your education. Therefore it is to your advantage to borrow only what you need for educational expenses, and to keep track of your cumulative debt. OFA advisors are happy to work with you to find ways to minimize your borrowing.
