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Financial Aid Announcements
The federal student loan system was significantly restructured under the OBBBA (“One Big Beautiful Bill Act”), which was passed by the Republican controlled Congress and signed into law by President Trump on July 4, 2025.
Below are several consequential changes that we want students to be aware of:
New Borrowing Limits (Effective July 1, 2026)
- Undergraduate annual borrowing limits: Unchanged
- Parent PLUS Loan program limits (per dependent student): $20,000 annually; $65,000 lifetime limit
- Graduate students: $20,500 annually; $100,000 lifetime limit
- Professional students (law students): $50,000 annually; $200,000 lifetime limit
- Lifetime borrowing limit for all students: $257,000
- Grad PLUS program: Eliminated; current borrowers may still borrow for three academic years or through the end of their program, whichever is earlier
- Current borrowers will remain subject to current annual and aggregate limits until they graduate or for three (3) additional academic years, whichever is earlier.
Repayment Changes (Effective July 1, 2026)
All existing plans will be discontinued for borrowers with new loans. Instead, two new plans will be introduced:
- Standard Repayment Plan: Payment periods range from 10 to 25 years, depending on the original loan balance
- Repayment Assistance Plan (RAP): Payments are set at 1% to 10% of income, with the remaining balance forgiven after 30 years. PLUS loans are not eligible for the RAP.
Options for Current Borrowers
Current borrowers with loans made prior to July 1, 2026, can remain on most existing repayment plans so long as they do not borrow additional loans on or after July 1. If current borrowers borrow additional loans on or after July 1, 2026, all their loans (prior to July 1, 2026, and new loans on or after July 1, 2026) will have the two new repayment options.
Borrowers on the ICR, PAYE, or SAVE plans will need to switch to the Income-Based Repayment plan or another existing repayment plan by July 1, 2028; if they do not do so, they will be transitioned to RAP.
We recognize the stressful, disruptive impact these changes may have on your educational plans, and we will continue to monitor the situation closely, including staying up to date on resources available to students and exploring options with you for bridging the funding gap left by the elimination of Grad PLUS and reduction of Parent PLUS loans. We encourage you to bookmark https://studentaid.gov/ for updates on these changes to federal financial aid.
Student Financial Services (SFS) remains committed to helping guide you through the financial aid process and ensuring that you understand eligibility requirements and available options. We’re here for you.
2026-2027 Free Application for Federal Student Aid (FAFSA)
The FAFSA application for the 2026-2027 Academic Year is now open! Log in and complete the application by the priority deadline of February 15, 2026.
- Summer Semester 2026 is the start of the 2026-2027 Academic Year. If you are planning on enrolling at least half-time during the Summer Term, your financial aid funding would come from the 2026-2027 award.
- Any FAFSA submissions past the preference deadline of February 15, 2026 cannot be expedited and may delay receipt of your 2026-2027 Financial Aid Offer Letter.
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