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When taking out student loans, it’s important to know that both federal and private student loans have borrowing caps. Federal loans have two different limits: annual and lifetime borrowing limits.

The lifetime aggregate federal student loan limit for dependent undergraduate students is $31,000, and no more than $23,000 can be in subsidized loans. For graduate students, the lifetime borrowing limit is $138,500, of which no more than $65,500 can be in subsidized loans.

Private lenders may also have lifetime and annual borrowing limits, though those limits are set by the lender.

It’s possible to hit the maximum amount of loans allowed before finishing school, so it’s helpful to understand how much you may be eligible to borrow.

What Is the Lifetime Limit for Student Loans?

Students have the option to borrow both federal and private student loans. There are annual and lifetime limits for borrowing.

Federal Student Loan Lifetime Limits

Federal student loans have annual and lifetime limits. The limits can vary by student, depending on three criteria:

•   Year in school

•   Type of loan you are eligible to borrow choose (subsidized vs. unsubsidized)

•   Dependency status

Independent students, who the U.S. Department of Education considers to be on their own financially, can borrow more than dependent students who can typically get help from their parents.

Even if you’re financially independent of your parents, the definition of an independent student is fairly strict, and if you are under the age of 24, you’ll need to confirm you qualify as an independent student. If you’re not sure if you’re a dependent or independent student, see your guidance counselor or an admissions counselor who may be able to help.

Here are the federal loan limits, depending on your status and year in school, according to the U.S. Department of Education:

^*Except students whose parents are unable to obtain PLUS Loans.

^**Also includes dependent undergraduate students whose parents are unable to obtain PLUS Loans.

Note that the lifetime limit for graduate and professional students includes the amount in federal loans borrowed during a student’s undergraduate studies.

Private Student Loan Lifetime Limits

If you choose to borrow private student loans, the annual and lifetime limit may vary by lender. That said, the annual limits typically cannot exceed the cost of attendance at your school, less any financial aid you have already received.

The total cost of attendance is a number determined by your school and typically includes tuition and fees, on-campus room and board, books, supplies, and transportation.

As for lifetime limits, it may depend on whether you’re an undergraduate student or a graduate student. Some private lenders may offer higher limits if you’re doing an MBA or going to law or medical school, for example.

Some lenders have just one limit for all loans. But in some cases, you may even see two lifetime limits: one for loans through the private lender and one for total federal and private loans.

If you’re considering borrowing from a private lender, ask about their loan limits before applying to make sure you get the funding you need.

How Loan Limits Vary by Degree Level

Student loan limits can vary significantly depending on the degree level you are pursuing:

•  Undergraduate degrees: Undergraduate student loans include Federal Direct Subsidized and Unsubsidized Loans. They have annual limits ranging from $5,500 to $12,500, and aggregate limits of $31,000 to $57,500, depending on your year in school and dependency status.

•  Graduate degrees: Graduate student loans include Federal Direct Unsubsidized Loans and have higher annual limits, typically up to $20,500, with an aggregate limit of $138,500, including any undergraduate debt.

•  Professional degrees (e.g., law, medical): Federal Direct Unsubsidized Loans for professional students have an annual limit of $40,500 and an aggregate limit of $224,000, including any undergraduate debt.

•  Parent PLUS Loans: Parents can borrow up to the cost of attendance minus other financial aid received, with no set annual or aggregate limits.

•  Private student loans: Private lenders set their own limits, which can vary widely but are often based on the cost of attendance and the borrower’s creditworthiness.

Aggregate Loan Limits vs. Annual Limits

When borrowing federal student loans, it’s important to understand the difference between annual limits and aggregate (lifetime) limits.

Annual limits refer to the maximum amount a student can borrow in a single academic year. These limits vary by year in school and dependency status — for example, dependent undergraduate students can typically borrow between $5,500 and $7,500 per year, while independent undergrads may be eligible for up to $12,500 annually.

Aggregate loan limits, on the other hand, represent the total amount a student can borrow over the course of their education. For dependent undergraduate students, the aggregate cap is $31,000, while independent undergraduates can borrow up to $57,500. Graduate and professional students have a higher lifetime limit of $138,500 (which includes any undergraduate loans already borrowed). Once you reach the aggregate limit, you must repay some of your balance before becoming eligible for additional federal loans.

Recommended: How Do Student Loans Work?

What to Do If You’ve Hit the Maximum Federal Student Loan Amount

If you’ve reached your lifetime limit for federal student loans or you’re close to it, it’s probably time to start thinking about how you’re going to repay your student loans. Here are some options if you’ve maxed out your options for federal loans.

Consider Student Loan Refinancing

One way to make progress toward paying off your student loans and potentially save money along the way is to refinance them with a private lender. With student loan refinancing, you replace your current loans with a new one.

In some cases, you may qualify for a lower interest rate than what you’re currently paying. You could also adjust your repayment schedule to pay off your student loans faster or take some more time to fit your budget better.

With a lower interest rate, you could reduce the amount of money you spend on interest over the life of the loan. If you lengthen the term of your loan, you’d decrease your monthly payments but pay more in interest over the life of the loan.

In other words, if you refinance your student loans, you may get more flexibility with your payments as you eliminate your debt. However, it is important to note that if you refinance your federal student loans with a private lender, you forfeit eligibility for federal benefits, such as student loan forgiveness and deferment.

Recommended: Student Loan Consolidation Rates

Check Out Federal Assistance Programs

If you’ve maxed out your federal student loans because your income isn’t where you’d like it to be, you may want to take a look at federal programs like income-driven repayment plans, which base your monthly payments on your discretionary income and family size.

If you’re facing financial difficulties, you might want to consider deferment or forbearance instead, which allow you to temporarily pause your payments for a certain amount of time. However, the two programs have some important differences between them.

For example, with deferment, a borrower doesn’t need to make payments on the interest that accrues on certain loans, including Direct Subsidized Loans. With forbearance, borrowers must pay the interest that accrues no matter what type of federal loan they have.

Consider a Private Student Loan

If you’ve reached your limit on federal student loans but still need some assistance paying for your tuition, you might consider taking out a private student loan. There are options for fixed or variable rate private student loans, and some lenders like SoFi offer flexible repayment options.

Explore Employer Tuition Assistance or Loan Repayment Programs

Another effective strategy if you’ve reached your student loan limit is to explore employer tuition assistance or loan repayment programs. Many employers offer financial support to help employees further their education, either by covering tuition costs directly or by providing funds to repay existing student loans.

These benefits can significantly reduce your financial burden and help you continue your education without incurring additional debt. Additionally, some companies may offer flexible payment options or matching contributions, making it easier to manage your educational expenses.

Return to School for Eligibility Reset

If you’ve reached your federal loan aggregate limit, returning to school does not reset your borrowing eligibility — you’re still bound by both annual and aggregate limits regardless of breaks or changing institutions.

However, if you are considering furthering your education, returning to school can allow you access to new loan limits. For example, if you have maxed out your undergraduate loan limits, enrolling in a master’s or doctoral program can provide you with new annual and aggregate loan limits specific to graduate studies.

Recommended: Applying for Grad School: Tips for Success

The Takeaway

There are both annual and lifetime borrowing limits for federal student loans. The lifetime limit for dependent undergraduate students is $31,000, of which no more than $23,000 can be in subsidized loans. For independent undergraduate students, the lifetime limit is $57,550, of which no more than $23,000 can be in subsidized loans.

Private lenders may also have borrowing limits, but they are set by the lender. Generally speaking, private student loans are limited to the cost of attendance.

If you’ve reached your lifetime limit on student loans and you’re ready to start repaying them — and hoping to save some money in the process — options to consider include student loan refinancing and, for federal loans, income-driven repayment plans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What is the maximum student loan limit?

The maximum lifetime aggregate federal student loan limit for dependent undergraduates is $31,000, and no more than $23,000 of that can be in subsidized loans. For financially independent undergraduate students, the maximum lifetime aggregate limit is $57,500, of which no more than $23,000 can be in subsidized loans.
For graduate students, the lifetime aggregate loan limit is $138,500, of which no more than $65,500 can be in subsidized loans. With private student loans, lenders typically set their own lifetime limits.

What is the maximum student loan you can take out per year?

First-year undergraduate dependent students can take out no more than $5,500 annually, and no more than $3,500 of that amount can be in subsidized loans. For dependent undergrads in their second year, the annual borrowing limit is $6,500, with no more than $4,500 in subsidized loans. Dependent undergraduates in their third and fourth years can take out up to $7,500, with no more than $5,500 in subsidized loans.

Graduate students can take up to $20,500 annually, but only in unsubsidized loans.

Do student loans have a term limit?

Yes. The maximum repayment term for federal student loans being repaid under an income-driven repayment plan is 20 years for borrowers with undergraduate loans and 25 years for those with graduate student loans.

Borrowers with federal consolidation loans have up to 30 years to repay them.

Are there different limits for graduate and undergraduate loans?

Yes, there are different limits for graduate and undergraduate loans. Undergraduate loans typically have lower annual and aggregate limits, ranging from $5,500 to $12,500 annually and $31,000 to $57,500 in total. Graduate loans have higher limits, up to $20,500 annually and $138,500 in total, including undergraduate debt.

What happens if I need more than the maximum loan amount?

If you need more than the maximum loan amount, consider alternative funding options such as private loans, scholarships, grants, or employer tuition assistance. You can also explore part-time work, internships, or reducing your course load to manage costs.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q325-022

A debilitating sickness or injury can be life-changing and make it challenging or impossible to pay back student loans. Because of this, borrowers who are considered “totally and permanently disabled” may qualify to have their student loans discharged through a federal forgiveness program known as Total and Permanent Disability Discharge.

Since this is a federal program, it only applies to federal student debt and not private student loans. Here’s what to know about student loan disability discharge and who is eligible for the program.

Disability Discharge of Student Loans

Student loan disability discharge relieves borrowers of their student loan responsibilities in the event of total and permanent disability. Receiving a Total and Permanent Disability (TPD) Discharge from the U.S. Department of Education means that a qualifying borrower does not need to pay back federal student loans or complete a TEACH Grant service obligation.

Can Student Loans Be Forgiven Due to Disability?

Federal student loans can be forgiven due to disability. Borrowers interested in a disability discharge need to apply for the program and provide documentation to show that they are considered “totally and permanently disabled.” The Department of Education will review the application to determine if an applicant qualifies.

In some instances, the Department of Education may receive information from the Social Security Administration (SSA) or the U.S. Department of Veterans Affairs (VA) that an individual may qualify for a disability discharge of student loans. In these cases of automatic discharge, the Department of Education may contact a borrower to provide information about requesting a TPD discharge.

You might also have a representative apply for you, such as a relative or an organization like a veterans’ service organization. To do this, you must submit an Applicant Representative Designation form for the other party to act as a representative on your behalf. The form must be processed by the Department of Education before they can work with the third party on a TPD discharge for you.

Again, the student loan disability discharge program only applies to federal loans, such as Direct Loans, FFEL Program Loans, or Perkins Loans. This program doesn’t apply to private student loans.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

What Is Student Loan Total and Permanent Disability Discharge?

A Total and Permanent Disability Discharge means that a qualifying borrower will not be required to pay back federal student loans or complete a TEACH Grant service obligation.

Loans included in the program are those issued by the William D. Ford Federal Direct Loan Program (Direct Loans), the Federal Family Education Loan Program (FFEL), and the Federal Perkins Loans. Borrowers in a TEACH Grant service program may also be relieved from having to complete whatever service obligation remains in their program.

Applying for Student Loan Disability Discharge

If you would like to apply for a disability discharge of student loans, the first step is to fill out a TPD discharge application.

You’ll also need to gather together documentation showing that you meet the Department of Education’s requirements for being “totally and completely disabled.” There are three ways to provide the necessary documentation:

1. Through the VA

If you are a veteran, you can work with the U.S. Department of Veteran Affairs (VA) to provide the documentation needed to prove that you are permanently disabled from a service-related injury.

2. Through the Social Security Administration

If you are already receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits, you can use documentation from the Social Security Administration (SSA).

3. Through a Physician

You also can have a physician (an MD or DO), nurse practitioner (NP), physician’s assistant (PA), or certified psychologist certify that you are unable to earn money in any substantial way due to a physical or mental impairment. Here are the current official qualifications:

•   The impairment could result in death.

•   The impairment has lasted for a continuous period of at least 60 months.

•   The impairment can be expected to last for a continuous period of at least 60 months.

What Happens if I’m Approved for Student Loan Disability Discharge?

It depends on whether you were approved for a disability discharge through the VA, the SSA, or your physician.

If you provided documentation from the VA, the following will happen upon approval:

•   You’ll be notified of the discharge

•   Your loan holders will be instructed to return any loan payments received on or after the effective date of the disability determination

If you provide documentation from the Social Security Administration or from your physician, there will be an additional step if you qualify: You’ll be notified that you are subject to a three-year monitoring period. Your loans or TEACH work obligation could be reinstated if you don’t meet certain requirements at any time.

During the monitoring period, your obligations may be reinstated if you receive a new federal student loan under the Direct Loan Program or a new TEACH Grant, or if the SSA determines you are no longer disabled.

Recommended: Examining How Student Loan Deferment Works

What Is Student Loan Refinancing?

If you don’t qualify for a TPD discharge, there are other options for lowering student loan costs. You can contact your loan servicer to find out if you’re eligible for deferment or forbearance — or to see if you’re eligible for an income-driven payment plan, which bases your monthly payments on your discretionary income and family size, and generally results in lower payments.

Refinancing your student loans can also help you lower your repayment costs. With refinancing, you exchange your old loans for a new loan.

Because you’re using the new loan to pay off the existing loans, it’s possible to change the terms of the loan, such as securing a lower interest rate or shortening the loan term (both of which mean saving interest over the life of the loan). You could also lengthen the loan term (which can lower your monthly payments, but potentially result in paying more interest over the life of the loan).

Keep in mind that if you refinance federal loans, you’ll lose access to federal benefits and protections, including eligibility for TPD, income-driven repayment, or other federal loan programs such as deferment or forbearance. If you think you might want to pursue a disability discharge or other federal loan programs in the future, refinancing your federal loans may not be a good choice for you. If you have private loans, however, it may be worth exploring.

Refinancing Student Loans With SoFi

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What disabilities qualify for student loan forgiveness?

To receive federal loan forgiveness under the Total and Permanent Disability Discharge program, you must have a mental or physical disability that severely limits your ability to work now and in the future. You’ll need to provide documentation of this total and permanent disability through the VA, the SSA, or a healthcare provider.

Can you get student loan forgiveness if you become disabled?

A borrower can apply for a student loan disability discharge only if they become totally and permanently disabled. An individual who qualifies for a TPD discharge is not required to pay back their student loan or complete their TEACH Grant service obligation.

Do you have to pay back student loans if you are on disability?

If a person is receiving SSDI or SSI benefits from the Social Security Administration and their next disability review is not for another five to seven years, then a person is considered totally and permanently disabled and eligible to apply for a TPD discharge. A three-year monitoring period follows a TPD discharge that is based on documentation from either the SSA or a doctor.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.