After July 1, you'll have an even bigger reason to apply for federal aid—increased Federal Stafford Loan  limits.

In case you need a couple of reminders why it's a good idea to max out your federal funding before turning to private loans, check out some discussions we've had earlier on this blog.

• They're guaranteed: What's so special about federal loans?
• Almost everyone qualifies for some kind of aid: Is financial aid for you?
• They can be consolidated: Raising my hand with consolidation questions

I know you're wondering how much you could be able to borrow. So, see the chart below with the new Stafford Loan limits for dependent and independent students.

Remember two things:

1. An independent student is someone who meets one of these criteria:

• A graduate or professional student
• A married person
• An individual with legal dependent(s) other than a spouse
• A veteran of the U.S. Armed Forces
• An orphan or a ward of the court
• At least 24 years old by December 31 of the award year
• Deemed independent by the school's Financial Aid Office due to special circumstances

2. A subsidized Stafford Loan:

• Is need based
• Means any interest that accrues during school or deferment paid by the government