Significant changes to federal loans were signed into law that will affect students starting on July 1, 2026. The below information reflects the most current guidance available and is subject to change as we receive official guidance from the Department of Education. Please contact our office with any questions regarding your financial aid.
Parents of Undergraduate Students
As of July 1, 2026, first-time Parent PLUS Loan borrowers have new annual and aggregate (lifetime) loan limits:
- The new annual limit is $20,000 per year per dependent student.
- The new aggregate (lifetime) loan limit is $65,000 per dependent student.
- These new limits apply to all parents combined per dependent student.
An exception exists to allow Parent PLUS borrowers to borrow under the previous limits—called the “legacy provision.” Qualifications for this exception are as follows:
- Student is enrolled as of June 30, 2026,
- Student or their parent(s) previously borrowed a federal loan for their program of study, and
- Student stays enrolled in the same program of study through graduation, or up to three years (2026-27, 2027-28, and 2028-29), whichever occurs first.
Graduate Students
As of July 1, 2026, the Graduate PLUS Loan program for graduate and professional students will be eliminated for all new borrowers.
An exception exists to allow students to still borrow the Graduate PLUS Loan—called the “legacy provision.” Qualifications for this exception are as follows:
- Student is enrolled as of June 30, 2026,
- Student previously borrowed a federal loan for their program of study, and
- Student stays enrolled in the same program of study through graduation, or up to three years (2026-27, 2027-28, and 2028-29), whichever occurs first.
Graduate student borrowers have new annual and aggregate loan limits, as well:
- Graduate students may borrow up to $20,500 annually in Federal Direct Loans.
- Medical, law, and veterinary medicine students may borrow up to $50,000 annually in Federal Direct Loans.
- The aggregate borrowing amount of Federal Direct Loans is $100,000 per graduate student.
- The aggregate borrowing amount of Federal Direct Loans for medical, law, and veterinary medicine students is $200,000.
Part-Time Enrollment and Loan Eligibility
Beginning with the 2026-2027 academic year, Federal Direct Loans are required to be prorated for students enrolled less than full-time.