Regardless of whether you borrow federal or private student loans, borrow only the amount you need per school year after exhausting all grant and scholarship options. Some lenders also impose lifetime borrowing limits, which may be up to $150,000 or more for some degrees. In general, private student loan lenders offer loan amounts that cover the gap between a school’s cost of attendance and any other financial aid a student receives. Each lender sets its own borrowing criteria, annual borrowing limits, interest rates and repayment terms. Loan amounts for private student loans can vary by lender.
