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Welcome to Financial Aid! We know that paying for college comes with many questions, so please use the menus above and the steps that follow to help guide you in applying for aid. Not sure where to begin? Use the Contacts tab to let us know how we can help!
Federal Financial Aid Changes for 2026 - 2027
On July 4, 2025, the One Big Beautiful Bill (OBBB) Act was signed into law. This legislation contains provisions that reshape student financial aid, most of which become effective for periods of enrollment beginning on or after July 1, 2026. This page summarizes undergraduate-specific changes under the OBBB Act. Other provisions of the Act—outside the undergraduate scope—are not included here and may warrant separate review. See the National Association of Student Financial Aid Administrators' summary of all changes.
Federal Loan Program Lifetime Loan Limits: $257,500 lifetime borrowing limit on all federal student loans, total, excluding parent's Direct PLUS loans.) Legacy Provision: If a borrower has a Federal Direct Loan made before July 1, 2026, while enrolled in a credentialed program, the borrower can continue to borrow under current loan limits for 3 academic years or the remainder of their current program, whichever is less.
Parent's Direct PLUS Loan Limits: $20,000 per year per dependent student; lifetime limit of $65,000 per dependent student. Legacy Provision: If the student or parent borrower has a Federal Direct Loan made before July 1, 2026, while the dependent student is enrolled in a program of study, the parent can continue to borrow under current loan limits for 3 academic years or the remainder of their dependent student’s current program, whichever is less.
Student Loan Repayment - New Borrowers/Loans: Borrowers with new loans made on or after July 1, 2026 can be repaid using only two plans: a new standard repayment plan and the new income-based repayment plan, RAP. If a borrower with new loans made on or after July 1, 2026 does not select a plan, they will be assigned to the new standard repayment plan.
Student Loan Repayment - Current Borrowers/Loans: Current borrowers with no new loans made on or after July 1, 2026, are eligible to enroll in the current Standard, Graduated, Extended, or current Income-Based Repayment (IBR) plans, and may also opt in to the new RAP. Current borrowers may also switch between, enter or remain on existing Income-Driven Repayment plans until July 1, 2028.
**NEW** Workforce Pell Grants: The OBBB Act expands Pell Grant eligibility to short-term, workforce-aligned programs (at least 8 weeks, but fewer than 5 weeks, 150–600 hours) that meet quality benchmarks and prepare students for in-demand jobs. Workforce Pell funds count toward a student’s lifetime Pell limit and are prorated based on program length. Students cannot receive both Workforce Pell and regular Pell in the same period.