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College & Career Training in Alaska

Whenever we assist students with financial aid (especially when the student is considering student loans), we

make sure the student is aware of the logistics – the what/why/where. A topic that comes up often (especially when we work with students whom are in the last stages of their program) is aggregate [student] loan limits. Below is a quick breakdown of aggregate loan limits:

 

What is Aggregate Loan Limit?

Aggregate loan limits specify the maximum amount that may be borrower from a student loan program per year and in total. Student loan limits vary depending on the type of loan, the student’s degree level, year in school and dependency status, the college’s cost of attendance, other aid received by the student and loan program.

Federal student loans have an aggregate limit of $57,500 for undergraduates (no more than $23,000 of this amount may be in subsidized loans) and $138,500 for graduate or professional students (no more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study).

The Alaska Supplemental Education Loan (ASEL) has an aggregate limit of $56,000 for undergraduate & career training and $60,000 for graduate – aggregate maximums include previous loans that have been paid-in-full, including loans from the Alaska Supplemental Loan Program, Memorial Education Loan Programs, and the Teacher Education Loan Program.

 

Why is it important?

Knowing the aggregate loan limit can help you plan your educational expenses accordingly – if your program costs more than the aggregate limit, you have time to look for additional financial resources so you aren’t scrambling towards the end of your program. For more information on financial resources, see our blog post Finding Financial Resources for Postsecondary Education.

 

Where can I get more information?

If you are inquiring about federal loans, visit https://studentaid.ed.gov or speak with your institution’s Financial Aid Office. For State loans (Alaska), visit our website https://acpe.alaska.gov or contact our customer service at 1 -800-441-2962 option #2. For other loans, contact your lender.

 

If you would like more information or assistance with your postsecondary endeavors, feel free to contact our Success Center at 907-269-7980.

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