Because no total loan for one academic year period can exceed the annual limit allowed in regulation, a student who borrows for summer only and borrows the maximum allowed for the academic year in that summer, has to wait seven months before borrowing again. This is because the entire year's eligibility has been taken by the student in one loan during the summer. The next opportunity the student has to borrow again would be in the spring term. However, no student can borrow more than two loans for the same class year. Eligibility to borrow again comes when the student earns at least 60 credits.
Separate limits exist for undergraduate students and for graduate students.
Students may access their own borrowing by reviewing Page 4 of Part I of their Student Aid Report, where prior loan borrowing is indicated. Pharmacy students who have Health Professions Student Loans begin repayment 12 months after they leave school, or immediately if they change their major from Pharmacy. The six or twelve month time frame is called the grace period. If a student should return to school at least half-time before the grace period ends, repayment of the loan will again be delayed until six months after the student finally leaves school. The first payment on a Federal Direct Student Loan is due within 60 days after the grace period expires.