07.03.07
Stafford Loan limits raised July 1 2007
If you’re hoping to get a Stafford Loan, there’s good news – the annual borrowing limit has been raised in many cases! Here’s a chart to help you wade through all that information:
Federal Stafford Annual loan limits:
| Before July 1, 2007 | After July 1 2007 | |||
| Freshman (dependent – independent) | $2,625 | $6,625 | $3,500 | $7,500 |
| Sophomore (dependent – independent) | $3,500 | $7,500 | $4,500 | $8,500 |
| Junior (dependent – independent) | $5,500 | $10,500 | (no change) | |
| Senior (dependent – independent) | $5,500 | $10,500 | (no change) | |
| Graduate/professional student* | $18,500 | $20,500 | ||
*Graduate/professional students are considered independent
Lifetime loan limits:
| Dependent undergraduate | $23,000 (no change) |
| Independent undergraduate | $46,000 (no change) |
| Graduate/professional student** | $138,500 (no change) |
** The graduate lifetime Stafford loan limit includes any Stafford loans received for undergraduate study
All material copyright July 2007, http://parentstudentloans.wordpress.com
