What is the maximum amount of student loan debt I can take out?

In Pennsylvania, the maximum amount of student loan debt one can take out depends on the type of loan and the type of borrower. Federal Direct Loans are the most common type of student loan available and come in two forms. The first is the Subsidized Direct Loan, which is only available for undergraduate students. The maximum loan amount borrowable in this program for the 2020-2021 academic year is $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors. The other type of Direct Loan is an Unsubsidized Direct Loan. This loan is available to both undergraduate and graduate students, and the maximum amount for undergraduates is $20,500 per year. Graduate students are eligible to borrow up to $20,500 per academic year as well, but can receive up to $40,500 for the entire period of enrollment. The last type of student loan available is a Private student loan. The maximum loan amount for this loan varies depending on the lender and can be determined after applying and comparing different loan options. In summary, the maximum amount of student loan debt one can take out in Pennsylvania depends on the type of loan and the type of borrower. For Federal Direct Loans, the maximum loan amount for undergraduates is $20,500 per year while graduate students can borrow up to $40,500 for the entire period of enrollment. For Private student loans, the maximum loan amount varies by lender and must be determined upon applying.

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