FAQ for Graduate Students

If you begin a new graduate program in Fall 2026 and did not receive a Direct Unsubsidized Loan or Graduate PLUS Loan for that program before July 1, 2026, you will be considered a new borrower under the updated federal rules. See Key Highlights above. 

You will be eligible for $20,500 per year, with an aggregate limit of $100,000. These limits include any prior Direct Unsubsidized loans you’ve borrowed for graduate study. The Graduate PLUS loan will no longer be available. 

Current regulations 34 CFR 668.2 provide a definition of a professional program and some examples of programs that qualify, although the list is not comprehensive. However, this definition is currently being discussed via the federal negotiated rule-making process. 

• The lifetime borrowing cap will be $257,500 on all federal student loans ($200,000 for graduate and professional degrees, plus $57,500 for undergraduate degree). 
• The current aggregate limit is $138,500 for most students (up to $65,500 may be subsidized). And up to $224,000 for certain health professions (up to $65,500 may be subsidized). 

No. Beginning July 1, 2026, once you enroll in a graduate or professional program, you are no longer eligible to borrow federal Direct Loans under undergraduate limits—even if you didn’t borrow as an undergraduate.

Instead, you’ll be eligible for graduate-level borrowing only: 

• Up to $100,000 for graduate programs.
• Up to $200,000 for professional programs. 

Private Educational Loans: These are offered by banks, credit unions, and other lenders. Terms vary by lender and typically require a credit check. Be sure to compare interest rates, repayment terms, and borrower protections.