Borrowing, limits and rates · calculator
How much student loan can you get in 2026-27?
A dependent undergraduate can borrow $5,500 in federal Direct Loans in the first year, $6,500 in the second and $7,500 from the third year on, of which at most $3,500, $4,500 and $5,500 can be subsidized; an independent undergraduate can borrow $9,500, $10,500 and $12,500. Those undergraduate limits did not change on July 1, 2026. What changed is everything above them. Graduate students are now capped at $20,500 a year and $100,000 in total, professional students such as law and medical students at $50,000 and $200,000, new Grad PLUS loans ended for periods starting on that date, parents can borrow $20,000 a year and $65,000 in total per student through parent PLUS, and every student faces a lifetime cap of $257,500. Enrollment below full time now cuts each annual limit in proportion, and a school may set a lower cap for a program.
Federal Direct Loans you can borrow this year
$5,500
Of which subsidized: up to $3,500, if you show financial need
| Annual limit for you | $5,500 |
| Aggregate room left | $31,000 |
| Lifetime room left | $257,500 |
| Parent PLUS on top, per year / in total | $20,000 / $65,000 |
Also capped by your school's cost of attendance minus other aid, and a school may set a lower limit for a program. How this is calculated.
The federal Direct Loan limits after the July 1, 2026 reform, for undergraduates, graduate and professional students and parents.
Checked by Radif Partners · Editorial policy · How we calculate
The 2026-27 limits at a glance
| Borrower | Annual limit | Aggregate limit | Rate for 2026-27 |
|---|---|---|---|
| Dependent undergraduate, year 1 / 2 / 3+ | $5,500 / $6,500 / $7,500 | $31,000 | 6.52% |
| Independent undergraduate, year 1 / 2 / 3+ | $9,500 / $10,500 / $12,500 | $57,500 | 6.52% |
| Graduate student | $20,500 | $100,000 | 8.07% |
| Professional student | $50,000 | $200,000 | 8.07% |
| Parent PLUS, per student | $20,000 | $65,000 | 9.07% |
Graduate and professional students
Until June 30, 2026 a graduate student could borrow $20,500 a year in unsubsidized loans and then fill the rest of the cost of attendance with Grad PLUS. Both doors have narrowed. The annual unsubsidized limit stays at $20,500 for a master's or doctoral program, rises to $50,000 for a professional degree, and Grad PLUS is closed to new periods of instruction. A student who completes a professional program after a graduate one shares a combined cap of $200,000. The graduate limits page and the professional limits page work through the gap between these caps and the cost of typical programs.
Parents
Parent PLUS used to cover up to the cost of attendance minus other aid. From July 1, 2026, all parents of one dependent student can together borrow $20,000 a year and $65,000 in total, counted without regard to repayment (HEA section 455(a)(5)). New parent PLUS loans are repaid on the Tiered Standard plan. The parent PLUS calculator shows what that means month by month.
Subsidized or unsubsidized
Only undergraduates with financial need can receive subsidized loans, up to the subsidized part of each annual limit. The government does not charge interest on them while the student is in school at least half time. Everything above that, and every graduate loan, is unsubsidized: interest runs from disbursement at 6.52% or 8.07% for loans first disbursed from July 1, 2026. The interest calculator estimates what accrues before the first bill.
Less than full time
The 2025 law added a rule that changes the math for working students. When enrollment is below full time, the loan a student may borrow for the year is reduced in direct proportion, rounded to the nearest whole percentage point, under a schedule of reductions published by the Secretary. A student taking three quarters of a full load gets about three quarters of the limit. The rule applies to annual limits only: the aggregate and lifetime caps are not prorated, so part-time students simply reach them more slowly. Enter your enrollment share in the calculator to see the reduced amount.
Limits are a ceiling, not an offer
Your actual loan is the smallest of the federal limit, your school's program limit if it has one, and your cost of attendance minus grants, scholarships and other aid. The aid office makes that calculation after your FAFSA. Borrowing less than the maximum is always possible and is the most effective way to keep future payments down, as the plan comparator shows on any balance. Limits: 34 CFR 685.203.