Important Updates to Financial Aid & Scholarships for 2026-27

The Graduate PLUS Loan program will be eliminated for new borrowers starting July 1, 2026.

Graduate students who borrowed federal loans (including Federal Direct Unsubsidized Loans) prior to July 1, 2026, may continue to borrow Graduate PLUS Loans if they are continuing in the same program. This is allowed for up to three more years after July 1, 2026, until they graduate from that program, or exceed the normal timeframe to complete the program* - whichever comes first.

*For example, if your program typically takes 2 years to complete, but you are continuing in the program for three years, at the end of the second year, you will be ineligible for additional Graduate PLUS Loan funds going forward.

• Parent PLUS Loans: Parents of dependent students who borrow PLUS Loans for the first time after July 1, 2026, can borrow up to $20,000 per school year per student. The maximum amount that can be borrowed for each student during their degree program will be capped at $65,000.

  Parents who borrowed PLUS Loans prior to July 1, 2026, can continue to borrow Parent PLUS Loans without being subject to these limits, for up to three years or until the student graduates from that program, whichever comes first.

• Unsubsidized loan limit for law students: Students enrolled in law school may borrow up to $50,000 in unsubsidized loans each school year, or up to their Cost of Attendance, whichever is lower.
• Lifetime federal loan limits: New federal borrowing caps will apply for the duration of a graduate or professional student's program.

Federal Direct Subsidized and Unsubsidized loan amounts each semester will be prorated based on a percentage of full-time enrollment. If you attend less than full-time for a semester or term, you will receive only a portion of the loan eligibility you would otherwise have if you attended full-time.

The government recently released more details about the proration. Stay tuned for additional information here.

Students who receive grants, scholarships, and/or benefits from non-federal sources that cover their entire Cost of Attendance (COA) are ineligible to receive a Pell Grant, even if otherwise eligible for the program.

You can complete your 2026-27 FAFSA now at fafsa.gov.