Financial Aid Spring 2026: Scholarships, federal loans
2026-2027 Scholarship Application – DEADLINE June 1
The Scholarship application is now available, deadline to apply is June 1.
- Even if you do not wish to complete the essay portion of the application, please consider taking a few moments to fill out the general questions, sign, and submit the application. This will ensure that you are entered into the pool for the general scholarships.
Important Federal Student Loan Changes – What You Need to Know
- Graduate PLUS Loan Program Eliminated: Starting July 1, 2026, the Graduate PLUS loan program will be discontinued. However, borrowers with a Federal Direct Loan made (disbursed) before July 1, 2026, while enrolled in a credentialed program, can borrow from the GradPLUS Program for 3 academic years or the remainder of their expected time to credential, whichever is less.
- New Loan Limits Introduced
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- Annual Limits: $20,500/year for graduate students and $50,000/year for professional students
- Aggregate Limits: $100,000 total for graduate students and $200,000 total for professional students
- Lifetime Borrowing Cap: $257,500 for all federal loans combined (excluding Parent PLUS loans)
These limits take effect July 1, 2026. However, if you are a current borrower, you will be able to borrow under current rules for the remainder of your program.
- Two Repayment Options for New Borrowers (Post-2026)
Borrowers with new loans made on or after July 1, 2026, can be repaid using only two plans:
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- A new Standard Repayment Plan with fixed payments (10–25 year terms)
- A new income-driven plan called RAP (Repayment Assistance Plan)
Current borrowers with no new loans made on or after July 1, 2026, are eligible to enroll in the current Standard, Graduated, Extended, or Income-Based (IBR) repayment plans, and can also choose the new RAP.
Note: Borrowers on ICR, PAYE, or SAVE must transition to a new plan by July 1, 2028. If no selection is made, they will be automatically placed into RAP.
- RAP Details
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- Minimum monthly payment: $10, based on Adjusted Gross Income (AGI) and number of dependents
- For married borrowers filing separately, income and dependents will be calculated separately
- You can switch from RAP to the Standard plan at any time
- IBR Updates
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- Partial financial hardship is no longer required
- Loan forgiveness after 25 years of qualifying payments remains
Additional Changes
- Economic Hardship Deferment and Unemployment Deferment will be eliminated for loans disbursed on or after July 1, 2027
- Public Service Loan Forgiveness (PSLF) will count time spent in medical or dental internships and residency programs
We understand these changes may raise questions. More guidance is expected as the implementation date approaches, and we will keep you updated with new information as it becomes available.
