Loan limits depend on your status. You can be dependent or independent. If you can answer yes to any of these questions, you are an independent student for the 2006-2007 academic year:
• Were you born before January 1, 1983?
• Are you married as of the day you apply (or separated but not divorced)?
• Did you take part in a master’s or doctorate program (beyond a bachelor’s degree) at the beginning of the 2006-2007 school year?
• Do you have children whom you get more than half support from you?
• Do you support other people who live with you and who get more than half their support from you and will continue to receive more than half their support from you through June 30, 2007?
• Are you a veteran of the U.S. Armed Forces? (includes students who attended a U.S. service academy and who were released under a condition other than dishonorable)
• Are you currently serving on active duty in the Armed Forces for other than training purposes?
• Are you or were you a ward or dependent of the court until age 18 years?
• Are both your parents dead?
| Dependent | Annual loan limit | | Freshman | $2,625 | | Sophomore | $3,500 | | Junior or senior | $5,500 | | Independent | Annual loan limit | | Freshman | $6,625 | | Sophomore | $7,500 | | Junior or senior | $10,500 | | Graduate or professional | $18,500 |
| Undergraduate dependent lifetime limit | $23,000 | | Undergraduate independent lifetime limit | $46,000 | | Graduate or professional lifetime limit* | $138,500 |
* Certain graduate students may have exceptions.
There are some changes to loans with a first disbursement and a loan period end date on or after July 1, 2007. Such loans are the following
| Dependent | Annual loan limit | | Freshman | $3,500 | | Sophomore | $4,500 | | Junior or senior | $5,500 | | Independent | Annual loan limit | | Freshman | $7,500 | | Sophomore | $8,500 | | Junior or senior | $10,500 | | Graduate or professional | $20,500 |
| 
