JB Pritzker, Governor, State of Illinois

Loan Amounts

All new federal student loans are administered and funded by the U.S. Department of Education (ED) through the William D. Ford Federal Direct Loan Program (Federal Direct Loans). Prior to July 1, 2010, federal student loans were also available through the Federal Family Education Loan Program (FFELP).  FFELP was administered by guaranty agencies (e.g., ISAC) and the federal government, with private lending institutions funding the loans. Borrowers may access information about Federal Direct Loans by visiting the Loans page of ED's Federal Student Aid website, or by contacting the college’s financial aid office.

Subsidized and Unsubsidized

In addition to financial need, the amount of student loans that can be borrowed depends upon several factors, such as a student's year in school and whether the loan(s) is subsidized or unsubsidized. For more detailed information on annual and aggregate loan limits, refer to the chart below or to the Common Manual.

Federal Stafford Loan Limits

Maximum annual limits for undergraduate and graduate students are monitored by the college based on federal regulations. Below is the loan limits chart for loans disbursed on or after July 1, 2008.

Annual Limits Subsidized Total
(Subsidized & Unsubsidized)
Dependent Undergraduates    
First Year $3,500 $5,500 
Second Year $4,500 $6,500 
Third Year and higher $5,500 $7,500 
Independent Undergraduates*    
First Year $3,500 $9,500
Second Year $4,500 $10,500
Third Year and higher $5,500  $12,500
Graduate and Professional Students Not eligible $20,500
Aggregate Limits Subsidized Total
(Subsidized & Unsubsidized) 
Dependent Undergraduates $23,000 $31,000 
Independent Undergraduates* $23,000 $57,500
Graduate and Professional Students $65,500 $138,500

Additional Information on Loan Limits

  • Certain health professions students may qualify for increased loan limits depending on the program of study.
  • Annual loan limits for undergraduate students are prorated.
  • *Independent students may qualify for additional unsubsidized Stafford loan amounts. Dependent students may also qualify for additional amounts if determined eligible by the financial aid administrator or if the parents do not qualify for a Federal PLUS loan.
  • Preparatory and Teacher Certification students have increased loan limits.

Federal PLUS Loan Limit

The annual maximum amount that can be borrowed under the Federal PLUS Loan Program is equal to the cost of attendance minus (-) financial aid received. There is no aggregate maximum.

Interest Rates, Fees and Disbursements

Direct Loan Limits, Rates and Fees

Loans are generally disbursed in at least two installments, and proceeds are electronically transmitted to the college.