Loan amounts
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There is an entitlement to subsidised (undergraduates only) and unsubsidised loans which have fixed limits depending on whether the student is dependent, independent or postgraduate.
These may be topped up to the full cost of attendance with a PLUS loan which is not an entitlement, but is subject to credit checking and may be declined by the US Education Department.
The US Education Department charge an origination fee on all loans and this is deducted from each disbursement. The value of the fees and the disbursements are shown in the 'Cost of Attendance' (COA) worksheet. For more detailed information, see the Education Department's Student Aid website.
There may be further changes as Congress continues to negotiate and decide the federal aid package.
US student loans can usually cover all your study-related costs.
You will need to complete a Cost of Attendance (COA) worksheet to calculate the loan amount to which you are entitled. The worksheet for federal loans is available on the how to apply page.
Loan amounts vary depending on whether you are a postgraduate or an undergraduate:
Postgraduate students
| Direct Unsubsidised loan (Federal) | Direct Grad PLUS loan (Federal) | |
|---|---|---|
| Maximum amount per year | $20,500 | Total amount remaining after all other aid/loans have been deducted from COA. |
| Aggregate loan limit (how much you can borrow over your lifetime) | $138,500 (not more than $65,500 of this may be from a previous Direct Subsidised loans) | No limit |
| Origination and default fee | 1.066% for loans first disbursed on or after 1 October 2017 and before 1 October 2018. | 4.264% for loans first disbursed on or after 1 October 2017 and before 1 October 2018. |
| Interest rate |
6.60% for loans first disbursed on or after 1 July 2018 and prior to 1 July 2019. 6.00% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018. |
7.60% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018. 7.00% for loans first disbursed on or after 1 July 2017 and prior to July 2018. |
Undergraduate students
| Direct Subsidised loan (Federal) | Direct Unsubsidised loan (Federal) | Parent PLUS loan (Federal) | |
|---|---|---|---|
| Maximum amount per year |
Year 1 $3,500 DEP $3,500 IND Year 2 $4,500 DEP $4,500 IND Year 3 and up $5,500 DEP $5,500 IND |
Year 1 $2,000 DEP $6,000 IND Year 2 $2,000 DEP $6,000 IND Year 3 and up $2,000 DEP $7,000 IND |
For dependent undergraduate students only. Total amount remaining after all other aid/loans have been deducted from COA |
| Aggregate loan limit (how much you can borrow over your lifetime) |
$23,000 DEP $23,000 IND |
$31,000 DEP (Direct Subsidised and Direct Unsubsidised combined) $57,500 IND (Direct Subsidised and Direct Unsubsidised combined). |
None |
| Origination and default fee | 1.066% for loans first disbursed on or after 1 October 2017 and before 1 October 2018. | 1.066% for loans first disbursed on or after 1 October 2017 and before 1 October 2018. | 4.264% for loans first disbursed on or after 1 October 2017 and before 1 October 2018. |
| Interest rate |
5.05% for loans first disbursed on or after 1 July 2018 and prior to 1 July 2019. 4.45% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018. |
7.60% for loans first disbursed on or after 1 July 2018 and prior to 1 July 2019. 4.45% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018. |
7.00% for loans first disbursed on or after 1 July 2017 and prior to 1 July 2018. |
Additional information
DEP = dependent undergraduate
IND = independent undergraduate
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.