Federal student loans are available on a first-come, first-serve basis through the Free Application for Federal Student Aid (FAFSA®), so you’ll want to apply ASAP.
The school you’re applying to will decide how much you can get through federal student loans based on how much other financial aid you receive, but there are limits.
Dependent students (except students whose parents were not eligible for PLUS Loans) can get up to $31,000 in subsidized and unsubsidized loans, but no more than $23,000 of that amount can be subsidized loans (aggregate loan).
Undergraduate independent and dependent students whose parents were not eligible for PLUS Loans can get up to $57,500, but no more than $23,000 of that amount can be subsidized loans (aggregate loan).
Graduate or professional students can get up to $138,500 in combined subsidized and unsubsidized loans, but no more than $65,500 of that amount can be subsidized loans. They may also be eligible for the Direct PLUS Loans for Graduate or Professional Students, which allows them to borrow up to their Cost of Attendance (COA) minus any other financial aid received.
For more detailed maximum loan amounts, visit the U.S. Department of Education’s website to find out how much you can take out per year.