Aggregate Maximum Loan Limits
|Dependent Students||$31,000 (no more than $23,000 subsidized)|
|Independent Students||$57,500 (no more than $23,000 subsidized)|
|Graduate Students||$138,500 (no more than $65,500 subsidized)|
Likewise, people ask, can I get a student loan with a 600 credit score?
While you can qualify for a mortgage or credit card with a 600 credit score, you likely won’t be eligible to refinance your student loans.
In this manner, does income affect Stafford loan?
But the reality is that there are no income limits with the Free Application for Federal Student Aid (FAFSA); any eligible student can fill out the FAFSA to see if they qualify for aid.
Does the Stafford loan still exist?
Stafford Loans are available for undergraduate and graduate students and come from Direct Stafford Loans made by the U.S. Department of Education. You will repay a Federal Direct Stafford Loan to the U.S. Department of Education.
Here are seven ways to pay for college with no money:
- Apply for scholarships.
- Apply for financial aid and grants.
- Negotiate with the college for more financial aid.
- Get a work-study job.
- Trim your expenses.
- Take out federal student loans.
- Consider private student loans.
A federal Stafford loan is one type of federal aid you’re screened for when you submit a FAFSA. Subsidized Stafford loans are available to students who have financial need, and the interest on these loans is subsidized by the government while the student it in school.
Because Stafford Loans are federal loans, they have different eligibility than private student loans (administered through a private lender, like a bank or credit union). Most students who qualify for aid are eligible for Stafford Loans.
Stafford loans, now called direct loans, provide low-cost, federally guaranteed financing for students attending college at least half-time.
Most private lenders require you to have a credit score of at least 670 or higher on a 300-850 scale used by FICO, the most widely known credit score. If you don’t have a credit history, you’ll need a co-signer with a good credit score and a steady income in order to qualify for the loan.
If you are currently in default on a federal student loan, you may be denied additional money. You may also be denied if you owe a refund on any previous federal grants. In these situations, you must get out of default and/or pay grant money you owe before you can receive additional aid.