Student loans

Student loans

ASU charter

What is a student loan?

A student loan is money that you borrow to pay for college with the condition that it be paid back over a certain period of time with interest. Students often use student loans when family contributions, scholarships and grants do not cover the total cost of attendance.

How much should I take out?

We recommend borrowing only the amount you need. College is an investment in yourself and the responsible use of loans can be an important part of helping you attain a college education.

Types of loans

There are different types of loans for various situations. Click the cards below to learn about each one.

student making the pitchfork sign

How to apply for a student loan

Your first step in getting a loan is to fill out the FAFSA. The FAFSA will reveal how much money you are eligible to borrow in federal loans. You may also receive a loan from a private lender such as a bank. More on private loans here, but keep in mind that private loans almost always have a higher interest rate than federal loans, meaning you’ll likely pay more over the life of the loan.

 

Student loan FAQs

If you have accepted a loan and would like to increase or decrease the loan amount you accepted, you can visit the student aid adjustment page to submit an aid adjustment form.

If you would like to increase the loan amount you accepted, you can visit the student aid adjustment page to submit an aid adjustment form. Select the aid type you would like to request more of, then select Increase. Then you can indicate how much you have already accepted, and how much you would like to increase your loan to. If you're not sure how much you've already accepted, you can find that in your Financial Aid and Scholarships box in My ASU. To see how much you're eligible for, view the chart on the student aid adjustment form, or visit the studentaid.gov loans page.

Yes, with interest. It’s an investment in your future, and your earning potential will increase with a degree. That said, you only want to borrow what you need.

1st Year/Freshman (0 - 24 credits)

  • Dependent Undergraduate Student:
    $5,500—No more than $3,500 of this amount may be in subsidized loans.
  • Independent Undergraduate Student*:
    $9,500—No more than $3,500 of this amount may be in subsidized loans
  • Graduate/Professional Student:
    $20,500†

2nd Year/Sophomore (25 - 55 credits)

  • Dependent Undergraduate Student:
    $6,500—No more than $4,500 of this amount may be in subsidized loans.
  • Independent Undergraduate Student*:
    $10,500—No more than $4,500 of this amount may be in subsidized loans.
  • Graduate/Professional Student:
    N/A

3rd Year/Junior, 4th Year/Senior (56+ credits)

  • Dependent Undergraduate Student:
    $7,500—No more than $5,500 of this amount may be in subsidized loans.
  • Independent Undergraduate Student*:
    $12,500—No more than $5,500 of this amount may be in subsidized loans.
  • Graduate/Professional Student:
    N/A

Maximum Total Debt from Federal Direct Subsidized and Unsubsidized Loans When You Graduate (i.e., your aggregate loan limits)

  • Dependent Undergraduate Student:
    $31,000—No more than $23,000 of this amount may be in subsidized loans.
  • Independent Undergraduate Student*:
    $57,500—No more than $23,000 of this amount may be in subsidized loans.
  • Graduate/Professional Student:
    $138,500†

*Also applies to dependent undergraduate students whose parent was denied a PLUS loan and post-baccalaureate students.† As of the 2012-2013 academic year, subsidized loans are no longer awarded to.

For more information on student loan limits, visit the federal student loan limits page.

First, you should submit the FAFSA to learn how much you’re eligible for in federal loans. Then decide how much of that you want to borrow. (Don’t borrow any more than you need.) The interest rates are fixed as of the date you borrow and federal loan interest rates are typically significantly lower than private student loan interest rates. Once you decide whether you’re going to accept or decline your loans, sign into My ASU and click “accept” or “decline” if it’s a Federal Direct Subsidized or Unsubsidized loan.

If you’re a dependent student, you need your parents’ information to submit the FAFSA and receive federal student loans. Private student loan requirements vary so check with the lender.

ASU is your lender, and you’ll repay ASU once your Perkins Loan moves to repayment status (typically nine months after graduation, withdrawal from school or dropping below half-time enrollment). Monthly payments depend on your loan amount and length of your repayment period. Payments can be made online. For complete details on repaying your Federal Perkins Loan, visit tuition.asu.edu/perkins-loan-repayment.