Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
I want 230,000 dollars in federal student loans.. IS THIS POSSIBLE?
3 Answers
- *T-Roy-Rex*Lv 66 years agoFavorite Answer
Kaitlyn laid it out perfectly. Just wanted to add that if you are in Medical School your annual amount you may borrow increases to $40,500 and your total aggregate limit (which includes SUB/UNSUB loans borrowed as an undergraduate and graduate student) increases to $224,000.
If you are a graduate/professional student, you may also be eligible for the Grad PLUS Loan. However, you are not automatically approved for the Grad PLUS Loan. You will need to pass a credit check before determining your eligibility for this loan.
You may also apply for a private/alternative student loan; however, these are not federal loans.
The total amount you may borrow for the year cannot exceed your total Cost of Attendance which is determined by your school's Financial Aid Office.
- ?Lv 56 years ago
Federal loans - No. You have a maximum you can borrow as a dependent student capped at $31,000. An independent student can borrow a maximum of $57,500. However, this is for undergraduate education.
If you are a graduate student, you can borrow $20,500 a year in the unsubsidized loan and a larger amount of the Grad PLUS loan. The PLUS loan is credit based, however. The lifetime cap for the unsubsidized is $138,500. Something to also keep in mind, you aren't able to borrow any more per year than your school's listed Cost of Attendance.