Many students and parents are not aware of federal loan limits, or the conditions which determine these limits for each individual student. There are several factors, such as a student’s financial dependency on their parents, and several different calculations, like the difference between the federal loan limits and each institution’s limits. In addition, these limits are not only different for first-year students versus undergraduates versus graduates – the limits can change per year for the same student.
Kristen’s advice in this article will reassure parents and students that despite these limits, there are several other options for financing, which can help the student reach the total cost of their college expenses each year. Examples include the different types of loans, such as federal, institutional, or private. Other sources of funds include grants and scholarships, which should be taken into account before applying for loans.
Read more about loan limits and how they may affect you or your student’s college expenses here.