Student loan limits vary by type. With private student loans, financial institutions typically won’t lend you more than $120,000 if you are an undergraduate. Graduate students are capped at $300,000. For federal student loans, it depends on the specific type of federal loan and what year of school you are in. The range is between $5,500 – $7,500 per year for dependent students and $9,500 – $12,500 per year for independent students. The total limit is $31,000 for dependent undergraduate students and $57,500 for independent undergraduate students. The maximum for graduate students is $138,500. Even though the government or bank will lend you the money, that doesn’t necessarily mean that you should borrow it. It is important to use the Student Loan calculator to see what the monthly payment will be and make sure that you can afford the payments once you graduate.