Federal Loans, including Direct Loans and Health Professions, Nursing and Perkins, all have borrowing limits. Below is information about those limits as well as links to a variety of loan repayment calculators that might be helpful as you estimate your loan obligations.

BORROWING, DEBT & TIME LIMITS FOR FEDERAL DIRECT LOANS

Subsidized Loan Debt Limit
$23,000
FOR ALL UNDERGRADUATES
$65,500 (limit includes Direct Loans received as an undergraduate)
FOR GRADUATE STUDENTS
Total Loan Debt Limit (Subsidized & Unsubsidized)
$31,000 (only $23,000 may be subsized)
FOR DEPENDENT UNDERGRADUATES*
$57,500 (only $23,000 may be subsidized)
FOR INDEPENDENT UNDERGRADS*
$138,000 ($65,500 may be subsidized; limit includes undergraduate Direct Loans)
FOR DEPENDENT UNDERGRADUATES*

** Excluding students whose parents are unable to obtain a PLUS Loan
*** Or dependent students whose parents are unable to obtain a PLUS Loan

Direct Subsidized Loan Time Limitation

Direct Loan subsidies are limited for first-time and new Federal Direct Subsidized Loan borrowers, effective July 1, 2013.  Students whose attendance exceeds 150 percent of the published length of their program will be:

  • ineligible for additional Direct Subsidized Loans (although you may borrow a Direct Unsubsidized Loan) and
  • responsible for accrued  interest on all loans after they exceed the 150-percent-of-program limit.

New borrowers are students who do not have an outstanding federal loan principal balance when they take out a new loan. Transferring between programs does not reset your loan eligibility. Unpaid interest will be capitalized, effectively increasing your loan principal when you begin repayment. For more, see this information from Federal Student Aid.

HEALTH PROFESSIONS, NURSING AND PERKINS LOANS
There are limits to these federal loans, which are administered through U-M. Loan limits depend upon the individual program in which you are enrolled. Contact us for details about your individual situation.

CALCULATORS AND LOAN REPAYMENT TOOLS

  • Repayment Estimator (studentloans.gov) -- This tool will automatically gather your federal student loans from the NSLDS database, allowing you to easily calculate repayment. Log in with your federal FSA ID, Social Security Number and date of birth. You may also save or print your information when done.

  • Federal Student Aid repayment option tool (studentloans.gov/repay) -- This simple tool that can help you select your best option for repayment in five steps or less.
     
  • Financial Awareness Counseling Tool (studentloans.gov) -- To gain a more thorough understanding of your direct loans, repayment types and the repayment process, log in and follow the link to Complete Counseling > Financial Awareness Counseling (in the center menu), and proceed. This tool also gathers your federal student loans and allows you to add alternative loans under the "private" category to calculate your full student loan debt.
     
  • Office of Federal Student Aid (studentaid.ed.gov) -- Calculators from Federal Student Aid allow you to estimate monthly loan payments under several repayment plans. 
      
  • American Dental Education Association (www.aamc.org/GoDental) -- This Association of American Medical Colleges and American Dental Education Association tool will allow other professional students to download NSLDS loan data (for those with federal loans). To access this tool, follow this path: Current Students & Residents > Resources tab (center of page) > AAMA/ADEA Dental Loan Organizer and Calculator. You will be prompted to log in or create an account to use this tool.
     
  • FinAid.org (www.finaid.org/calculators) -- The nonprofit FinAid! organization offers this simple loan calculator as well as other resources as you consider loan repayment.