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Loans

Student loans, unlike grants and work-study, are borrowed money that must be repaid with interest. Students may be eligible for Federal Direct Loans if enrolled in a minimum of 6 credits.  Please note that these loans may not be canceled because you didn't get a job in your field of study or because you are having financial difficulty. Loans are legal obligations, so before you take out a student loan think about the amount that you will have to repay in the years after graduation.

There are several loan types available to you:

Requesting Additional Loans

Students may request additional loan funds by completing the Additional Loan Request form .  If you request more than your eligibility allows, the loan will be certified to your maximum eligibility.

Lifetime (Aggregate) Loan Limits

There is a maximum lifetime limit that a student can borrow in Direct federal student loans. This is called the Aggregate Loan Limit. Once a student reaches these loan limits, he/she cannot borrow Direct federal student loans until the loans are paid down. See chart below for the undergraduate lifetime limits.

 

Dependent

$31,000 - No more than $23,000 of this amount may be in subsidized loans.

Independent

$57,500 for undergraduates - No more than $23,000 of this amount may be in subsidized loans.

 

Repaying Loans

 

The Salt Program

Salt®  is a free education finance support program that offers tools and guidance to help students, alumni, and families make proactive, informed decisions about planning for, paying for, and repaying their higher education. Salt® is your dedicated resource for information about federal education loans. No matter your situation, our experts are equipped to answer your most challenging student loan questions.

Please note: All times listed are Eastern Time.

For Students and Parent Borrowers

Do you have questions about a loan you are repaying or about to begin repaying?

Counseling Services
866.493.5563
specialist@asa.org

Mon - Thu: 8:00 a.m. - 10:00 p.m.
Fri: 8:00 a.m. - 5:00 p.m.
Sat. 9:00 a.m. - 6:00 p.m.
Sun: 11:00 a.m. - 8:00 p.m.

 
Have you fallen behind on your loan payments or are you experiencing financial difficulties?

Counseling Services
800.343.8883
repaymentcounselor@asa.org

Mon - Thu: 8:00 a.m. - 10:00 p.m.
Fri: 8:00 a.m. - 5:00 p.m.
Sat. 9:00 a.m. - 6:00 p.m.
Sun: 11:00 a.m. - 8:00 p.m.


Have you received a Notice of Default?

Agency Relations
800.343.2120
information@asa.org
Mon – Thu: 8:00 a.m. – 8:00 p.m.
Fri: 8:00 a.m. - 5:00 p.m.
Sat: 8:00 a.m. - 12:00 p.m.

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