Student Loan Limits: What You Should Know

When looking for student loans, there are a number of things to compare, and loan limits is just one example. Because of low loan limits, students often have to get multiple loans to cover all of their expenses. We suggest getting a federal loan first, if eligible, because they offer better borrower benefits, such as deferment and income based repayment plans. However, if you’ve hit your federal limit and still come up short on funds, private loans can be a good way to fill the gap.

Federal loan limits change depending on year of school, as well as whether a student is dependent or independent. Check out the table below for the complete loan limit information.

Loan TypeAnnual Loan LimitLifetime Limit$5,500 Undergrad.
$8,000 Grad.$27,500 Undergrad.
$60,000 Undergrad. & Grad.Year 1: $3,500
Year 2: $4,500
Year 3+: $5,500Year 1: $3,500
Year 2: $4,500
Year 3+: $5,500
Grad: $6,500Year 1: $6,000
Year 2: $6,000
Year 3+: $7,000
Grad: $12,000

While federal loans have some stricter limits, most private loans allow students to take out up to the cost of attendance, minus whatever other aid the student receives (though this can be flexible). Private loans can be used for just about any school-related expense, such as housing, computers, tuition, and even food. If your federal aid did not cover all school expenses, then private loans can be a great way to pick up the slack.

Compare your private loan options today!

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Online Banking for College Students

Many college students will open their first bank account just as they leave for campus.  Others have had bank accounts since they were kids.  Student banking may be a new concept to you, or you may have had a bank account for quite a while. Either way a student bank account is essential for managing your money and for the transfer of your grant or student loans funds. There are a number of key aspects to think about when choosing your bank and how to use it effectively. Read more for all you need to know about banking.

What are the typical considerations for Student Banking or when opening a new account?  There are many.  The first place to start would be by asking an adult, counselor or financial aid officer.  Otherwise, visit a number of websites offering online banking services.  Once you have some general information, walk into your local bank and ask for advice from there team.

In general, most student simply need a checking account.  If you have savings or additional cash, you may consider a savngs account which will earn you interest on the amount deposited.  A CD or Money Market account might pay you more interest on your savings but may also have some string attached.

For more information, visit: Student Banking from StudentPlatinum.com

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