When applying for a federal loan for college is there a limit on how much you can borrow?
Can you take 10,000 or more or is it a limit below which one should stay? im going to be a freshman in college in fall 2009.
Yes, there is a limit on each "type" of loan, depending on your level of quality and condition of dependency. Federal Stafford Loans have a Maximum of 5,500 for freshman dependent. If you are eligible for a Perkins loan (you must have a very low EFC for it), you can get more as 5500 (in Stafford) if your tuition at the school is over. Your parents can borrow more for you too … again until the cost attendance at your school. Look at the chart on page 21 for a really good breakdown of boundaries for students at both dependent and independent …. As you can see, independent students have a higher limit for Stafford loans.
