Get answers to your financial aid
questions.
how will i be affected by the
discontinuation of the grad plus loan?
Grad PLUS loans will no
longer be available for new borrowers after July 1, 2026.
Legacy Rule (through
June 30, 2029):
You
may continue using Grad PLUS IF
1) You receive at least
one disbursement before July 1, 2026, AND
2) You remain enrolled
in the same academic program
New Federal Unsubsidized
Loan Borrowing Limits:
1) Graduate Students (LLM)
- Annual: $20,500
- Lifetime:
$100,000
2) Professional Students
(Law, Medicine, Dental, etc.)
- Annual: $50,000
- Lifetime:
$200,000
3) Overall Federal
Lifetime Limit
- $257,500
(excludes Parent PLUS)
*These limits may not
cover all program costs.
Repayment Options for
Most New Borrowers (starting July 1, 2026):
1) Standard Repayment
- Fixed payments
- 10-25 year term
2) Repayment Assistance
Plan (RAP)
- 1-10% of AGI
- Minimum $10
monthly payment
- $50 monthly
principal credit per dependent child
- Forgiveness
after 30 years
*SAVE, PAYE, and ICR
will be phased out by July 1, 2028.
Borrowing Changes for
Part Time Students:
Starting
July 1, 2026, loan limits will be prorated (reduced) for students enrolled less than full-time.
What You Should Do Now:
Current students -
Consider taking at least one Grad PLUS disbursement before July 1, 2026.
Future students (Fall
2026+) - Plan using new loan caps
All students - Estimate
future repayment under RAP or Standard
Students
may apply for a private loan. MC has a preferred Lender List and you can review
and compare lender options at elmselect.com/v4/.
