 TITLE: How Much Can I Borrow in Student Loans? CONTENT: Private Student Loans\n---------------------\nPrivate student loan lenders generally have stricter standards for income and credit history. Each lender has its own guidelines for determining loan limits, although many will lend no more than the cost of your education (minus other financial aid you receive). However, it's worth noting that some private lenders write fairly big checks: According to U.S. News & World Report, private loans can top out at as much as $500,000.  \nAnother difference between federal and private student loans is the way you repay them. The standard federal loan term is 10 years. Private terms vary, but could be as few as five years; they could also be longer than 10 years. Some private loans do not offer grace periods.  \nNote that unlike fixed-rate federal loans, a private student loan might be variable-rate. In other words, the interest could fluctuate during the life of the loan, possibly more than once a year (although some private student loans come with an interest cap). In addition, private lenders don't pay the interest on loans while you're in school or during the grace period or deferment periods the way the government does for direct subsidized federal student loans. END