Annual Loan Limits
The annual loan limit is the limit of Federal Direct loans that you can borrow during each academic year.
First year students - You are considered a first year student if you have completed less than 50% of your current program of study.
Second year students - You are considered a second year student if you have completed more than 50% of your current program of study.
*If your parents are denied a parent PLUS loan, you may qualify as an independent student for that year’s annual loan limits.
Aggregate Loan Limits
The aggregate loan limit is the total amount of Federal Direct loans that you can borrow as an undergraduate and graduate student.
If you have previously borrowed loans, it is recommended that you complete Financial Awareness Counseling at the Student Loans website. This is used as a tool to ensure that you know your loan obligations and your remaining eligibility.
**If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized loans. This limit is 150% of the length of your current program of study. For example: if you are enrolled in a 2 year associate degree program, the maximum period that you can receive Direct Subsidized loans is 3 years at full time status or the equivalent. For more information, see “Is there a time limit on how long I can receive loans?"
Questions? Visit askMadisonCollege to view frequently asked Financial Aid questions, submit a Financial Aid Category question, access the Financial Aid Tutorials for step-by-step instructions on related processes, or contact Madison College Financial Aid at (608) 246-6170.