How much can I borrow in student loans?

In Virginia, the amount of student loans you can borrow can vary depending on the type of loan you take out. For federal loans, you are allowed to borrow up to your cost of attendance for the school year, minus any financial aid you have already received. This includes Direct Subsidized and Unsubsidized Loans, Direct PLUS Loans and Federal Perkins Loans. Private loans may also be available, and they generally limit the amount you can borrow to the total cost of attendance, minus any other financial aid you have received. The amount you can borrow also depends on the type of school you are attending and your dependency status. For example, if you are an undergraduate student, your annual borrowing limit for Direct Subsidized and Unsubsidized Loans is $5,500 for first-year students, $6,500 for second-year students and $7,500 for third-year and beyond students. For graduate and professional students, the annual loan limit for Direct Unsubsidized Loans is $20,500. The total amount of student loans you can borrow is ultimately determined by your cost of attendance for the school year. You should contact your school’s financial aid office to learn more about your specific loan limits.

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How much can I borrow in student loans?

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