The maximum amount of federal loans that can be taken out by graduate students in a single academic year is $20,500. 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. For a worksheet that you can print out yourself, please click here.
How to Calculate Your Federal Aid Eligibility
(Cost of Attendance) -- (Total Awards) = Loan Eligibility Amount
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 $7,728 and gets $3,728. This is his maximum summer eligibility, because he has no other awards or scholarships during the summer.
His fall eligibility is different: $17,602 - $2,250 = $15,352.
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 ($15,352), he has already taken out $19,080 ($3728 in the summer + $15352 in the fall) in aid. This left him with only $1420 that he can request for the rest of the 2018-2019 academic year.