Loan amounts

Dependent or independent student

A student’s dependency status is determined from information provided on the FAFSA. It affects the Expected Family Contribution (EFC) and the aid that you may be eligible to receive.

For purposes of Title IV aid, a student is considered independent if he or she meets one or more or the following criteria:

  • The student is at least 24 years old by 31 December of the award year 
  • The student is an orphan or ward/dependent of the court, or was a ward/dependent of the court until he or she reached age 18 
  • The student is a veteran of the U.S. Armed Forces 
  • The student is working on a master’s or doctorate programme at the beginning of the award year for which the FAFSA is completed 
  • The student is married as of the date the FAFSA is completed 
  • The student has at least one child who receives more than half of his or her support from the student 
  • The student has a dependent, other than a spouse or a child, who lives with the student and receives more than half of his or her support from the student at the time the FAFSA is completed, and through 30 June of the award year 
  • The student is currently serving on active duty in the US Armed Forces for purposes other than training.

The student is considered dependent if they do not meet any of the preceding criteria for an independent student, unless the financial aid administrator determines that the student is independent on the basis of special circumstances and performs a dependency override.

Loan amounts vary depending on whether you are a graduate or an undergraduate:

Graduate PLUS: These types of loans are available to graduates, and borrowers should first apply for the Federal loan before applying for the Grad PLUS. The Grad PLUS can be the difference between the Federal Loan and the cost of attendance less any other financial aid. You may defer principle and interest payments on this loan whilst you are enrolled. There is no six month grace period after completion of the course.

Parent PLUS: Parents of dependent undergraduates can take out a Parent PLUS loan under their name to pay the entire cost of attendance less any additional financial aid. If a Federal Direct Loan has been taken, the maximum Parent PLUS can be the difference between the Federal Direct loan and the cost of attendance less any other financial aid. We will require a statement from parents who apply for a PLUS loan without first completing a Free Application for Federal Student Aid to confirm that the student and parent will use the PLUS loan funds for educational expenses. Payments are normally due within 60 days after the loan has been fully disbursed, and deferment of payment may be available through selected lenders.

Private Loans: These are not part of the Federal Loan programme. The type of loan offered will depend on your credit rating, and a co-signer may be required. The maximum Private Loan can be the yearly cost of attendance less any other financial aid (loans, awards, bursaries, scholarships etc.).

Graduate students
Graduates or Professionals
Subsidized Direct Loan

Each Year: $0
Aggregate: $65,500

Graduate students
Graduates or Professionals
Unsubsidized Direct Loan
Each Year: $20,500
Aggregate: $138,500

Undergraduate students
Dependent Undergraduate
Subsidized Direct Loan
Year 1: $3,500
Year 2: $4,500
Year 3 and above: $5,500
Aggregate amount: $23,000

Undergraduate students
Dependent Undergraduate
Annual Loan Limit for Subsidized and Unsubsidized Loans combined
Year 1: $5,500
Year 2: $6,500
Year 3 and above: $7,500
Aggregate amount: $31,000

Undergraduate students
Independent students 
Subsidized Direct Loan

Year 1: $3,500
Year 2: $4,500
Year 3 and above: $5,500
Aggregate amount: $23,000

Undergraduate students
Independent students 
Annual Loan Limit for Subsidized and Unsubsidized Loans combined

Year 1: $9,500
Year 2: $10,500
Year 3 and above: $12,500
Aggregate amount: $57,500

Origination fees, default fees and interest rates are subject to change. For the latest information on interest rates and fees, please see the Federal Student Aid website.

 

Please note, there is no maximum amount for unsubsidized loans, but the total subsidized and unsubsidized loans cannot exceed the aggregate maximum.