Maggie Evans 
Many undergraduate students can take out a total of $31,000 in federal loans and $5,000 for their first year. However, the limits that you can get from private lending corporations can vary. The figures may depend on the co-makers credit score and the borrower's ability to pay. Get more information about the amount on this site here.
Know that you can get financial aid with student loans, but you might be limited with the amount that you can take out. It's best to explore your options, such as the federal PLUS programs and other private firms, to fill up the gaps that you may have financially.
Know that the limit for a federal PLUS loan will be the cost of your attendance. They will also deduct other grants, scholarships, or other aids that you've previously received. The limit will usually depend on your overall ability to repay the debt, but some private companies will usually cover the total cost of attendance.
About the Federal Limits
The loan from the federal level will depend primarily on whether you have parents who can support your studies, or you don't have this kind of aid any longer. They will also determine the max student loans for undergraduate amount based on how long you will stay at school. The family's overall finances will also determine whether a student will qualify for the subsidized program that doesn't have any interest while you're studying.
Overall Borrowing Limit
First Year - $5,500
Second Year - $6,500
Third Year and above - $7,500
Total: $31,000
Subsidized Borrowing Limit
First Year - $3,500
Second Year - $4,500
Third Year and above - $5,500
Total: $23,000
If you have parents who can support your studies, the underwriter may consider whether you're a dependent child. The dependent students can take out an amount that ranges from $5,500 to $7,500 annually while they are in school. For a family that qualifies, there's a limit of $23,000 for the subsidized loans.
Federal Borrowing Limits for Independent Students
Overall Borrowing Limit
First Year - $9,500
Second Year - $10,500
Third Year and above - $12,500
Total: $57,000
Subsidized Borrowing Limit
First Year - $3,500
Second Year - $4,500
Third Year and above - $5,500
Total: $23,000
If you're supporting yourself, are married, over the age of 24, or are a war veteran, your status is considered to be independent. Borrowing a little more than the limited amount can be possible, but if you're under a subsidized program, it's not possible to take out a loan of more than $23,000.
Graduate Students
Overall Borrowing Limit
Annual - $20,500
Total - $138,500
Subsidized Borrowing Limit
Annual - N/A
Total - $65,500
The maximum can be higher, especially if you're in a doctorate or master's program. These may include Ph.D., J.D., M.D., MBA, and M.A. Annual maximums for graduates can be up to $20,500 each year, and the total amount is $138,500. Know that since July 2011, many graduates are not allowed to apply for the subsidized loans any longer, but you can still take them out if you're previously a member of these programs.
The ones studying for medical school can take as much as $224,000 before turning into private lenders or grad PLUS programs. Medical students may also get $40,500 maximum each year to make things easier for them. Read more articles about the plus loans here: https://www.consumerfinance.gov/ask-cfpb/what-is-a-direct-plus-loanaen-553/.
About the PLUS Limits
Many families and students who have hit the maximum may turn into PLUS applicable for graduates and undergraduates. The loan may cover the school fees, tuition, supplies, books, transportation, board, and lodgings. The requirement for this type is to pass a credit check simply, and there's no other evaluation on whether you can repay this or not. This is where you could borrow an amount that you're comfortable paying for.
Private Firms
Some of the students may depend on private lenders to get financial aid. These companies may check your monthly income and the required amount that you need to repay your loan.
They will also do various credit checks about your existing obligations and determine whether you qualify for their programs or not. Since most of the students don't have earnings or a history of credit, they may be required to bring a co-signer with them, and this is usually a parent. Aside from a basic credit check, know that they have a set limit regardless of your co-signer's credit score, so be sure to ask them about this before signing up.
It's important to talk to your college's financial aid office to see if they have emergency grants and scholarships available. Consider a lot of lenders as much as possible and compare the rates. These don't generally take a lot of time and use online calculators. Borrow only what you can afford and get an idea about the annual earnings you'll get after you graduate.
