The maximum amount of federal loans that can be taken out by graduate students in a single academic year is $20,500. However, after origination fees (the percentage amount that the federal government adds to your loan for giving you the loan), that number is closer to $20280.
If you are receiving additional forms of aid such as the Urban Teacher Scholarship, third party payments (for example, from your employer), or TEACH grants, these amounts will lower what you are able to take out both per semester and per year.
How to Calculate Your Federal Aid Eligibility
(Cost of Attendance) minus (Total Awards) equals Loan Eligibility Amount |
Maximum Loan Eligibility Calculator: Use the following guide to help you determine your maximum request available.
Term |
Summer 2019 |
Fall 2019 |
Spring 2020 |
1. Estimated Cost of Attendance Per Semester |
$12,588 |
$19,427 |
$19,427 |
2. Total Awards |
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3. Outside Awards |
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4. TEACH grant amount, if applicable |
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Instructions:
Start with box 1. Add up all your awards on your award letter (Urban Teacher Scholarship, Third-Party Scholarships, Anticipated Awards, etc).
Add up all outside awards, if applicable (such as a community scholarship or grant).
Add up the amount that you are receiving from the TEACH grant for that semester, if you have applied for and received a TEACH grant during that semester.
Subtract boxes 2, 3, and 4 from box 1. This will give you your maximum Direct Loan eligibility.
Example 1
A student wants to know how much he is eligible to request in federal loans for the summer and fall terms. He looks at his award letter and subtracts $4,000 from $10,378 and gets $6,378. This is his maximum summer eligibility because he has no other awards or scholarships during the summer.
His fall eligibility is different: $16,277 - $2,250 = $14,027.
Example 2
Later on in the spring semester, this student realizes he needs as much aid as he can get. However, even though his spring eligibility is the same as for fall ($14,027), he has already taken out $20,405 ($6,378 in the summer + $14,027 in the fall) in aid. This left him with only $95 that he can request for the rest of the 2019-2020 academic year.