How Much Can I Borrow?

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Estimating Your Annual Borrowing Power

Undergraduate Loan Grade Level is determined by the total number of semester hours earned at Spelman plus any hours accepted in transfer.

Maximizing Your Undergraduate Loan Grade Level
Level Hours Earned
1 0-29
2 30-59
3 60-89
4 90+

Annual Maximum Level

Levels for Diverse Student Needs
Levels Dependent Student Independent Student
Level 1 $5,500 (only $3,500 can be subsidized) $9,500 (only $3,500 can be subsidized)
Level 2 $6,500 (only $4,500 can be subsidized) $10,500 (only $4,500 can be subsidized)
Level 3 and 4 $7,500 (only $5,500 can be subsidized) $12,500 (only $5,500 can be subsidized)
Level 5 $5,500 $12,500 (only $5,500 can be subsidized)

For a single semester, your loan eligibility is no more than half the annual amount.

Financial Aid Overview

2026-2027 Student Loan Borrowing Limit
Academic Level Dependent Student Independent Student Subsidized Amount
First Year Undergraduate $5,500 $9,500 $3,500
Second Year Undergraduate $6,500 $10,500 $4,500
Third Year Undergraduate
(and beyond)		 $7,500 $12,500 $5,500
Lifetime Limit $31,000 $57,500
PARENT PLUS LOANS
Per Year Aggregate Per Child
$20,000 $65,000
GRADUATE STUDENTS
School Per Year Aggregate
Graduate $20,500 $100,000
Professional $50,000 $200,000
Students with existing federal loans disbursed before July 1, 2026, are grandfathered under previous loan limits. This provision expires July 1, 2030.

Contact Info

Financial Aid

350 Spelman Lane, S.W., Atlanta, GA. 30314
Packard Hall, 1st floor

404-270-5222
financialaid@spelman.edu

Mon. - Fri. | 9 a.m. - 5 p.m.

Aggregate Loan Limits for Subsidized and Unsubsidized Loans

The total outstanding loan debt you can accrue from the federal student loan program is:

* $31,000 as a dependent undergraduate student (only $23,000 of this can be subsidized)
* $57,500 as an independent undergraduate student (only $23,000 of this amount can be subsidized)

Origination Fee and Interest Rates

The origination fee for Federal Direct Subsidized and Unsubsidized Loans is 0.50 percent. The origination fee is retained by the federal government to reduce the cost of supporting these low interest loans.

Interest Rates for Direct Loans First Disbursed Between July 1, 2025, and June 30, 2026.

Subsidized Loans: fixed at 6.395% for loans first disbursed on or after July 1, 2025.
Unsubsidized Loans: fixed at 6.39% for loans first disbursed on or after July 1, 2025.
Parent PLUS Loan: fixed at 8.94% for loans disbursed on or after July 1, 2025.

Financial Aid Assets

Other Resources
Cares Act
FAFSA
Private Loans Only
Student Account Center
Student Employment Databases

Financial Aid Office
Packard Hall, 1st Floor
350 Spelman Lane SW
PO Box 771, Atlanta, GA. 30314

Phone: 404-270-5222
Fax: 404-270-5220
financialaid@spelman.edu

Schedule an Appointment