Federal Loan Updates & Important Changes

Federal student loan policies may change over time as a result of federal legislation or Department of Education guidance. This page provides the most current information about upcoming changes to federal loan eligibility and what they may mean for Simmons students.

We are committed to sharing clear, accurate information and supporting students as they plan ahead.

Last updated: February, 2026

Upcoming Federal Loan Policy Changes

Effective Beginning with the 2026–2027 Academic Year

Beginning in the 2026–2027 academic year, federal rules will update how federal loan eligibility is determined. These changes apply nationally and are not specific to Simmons.

Note: The changes may not apply to all current or returning students — see legacy provisions below.

Key changes include

• Loan proration based on enrollment level
  Students enrolled less than full time may see a reduced maximum federal loan amount. Loan eligibility may be prorated based on the number of credits in which a student is enrolled.
  This change applies regardless of prior borrowing and does not have legacy provisions.
• Graduate PLUS Loan availability for new programs of study
  Beginning in the 2026–2027 academic year, the Federal Graduate PLUS Loan will no longer be available to students starting a new graduate program of study.
  This includes:
  • Students beginning graduate study for the first time, and
  • Students transitioning into a new graduate program after completing a prior one.
    Legacy provisions may apply for some current students who remain enrolled in the same program. See “What Is Not Changing” below.
• Parent PLUS Loan Annual and Aggregate Limits
  The Federal Parent PLUS loans will be capped at a maximum of $20,000 per student per academic year, with a lifetime aggregate limit of $65,000 per student. These limits apply to all parents combined per dependent undergraduate student beginning in the 2026-2027 academic year.
  Legacy provisions may apply for some current students who remain enrolled in the same program. See “What Is Not Changing” below.
• Graduate Loan Limits will be capped at $100,000 of Graduate level borrowing. Previously the limit was $138,500 and that included undergraduate borrowing.
  Legacy provisions may apply for some current students who remain enrolled in the same program. See “What Is Not Changing” below.

What Is Not Changing

While some aspects of federal loan eligibility are changing, several important programs will continue.

• Federal Direct Loans will remain available to eligible students.
• Legacy Graduate PLUS Loan eligibility may continue for some current students, provided they:
  • Borrowed a federal loan (such as a Direct Unsubsidized Loan) in their current program of study prior to July 1, 2026, and
  • Remain enrolled in the same program of study.
• Legacy loan limits for graduate students
  For students eligible under legacy provisions, the prior aggregate loan limit of $138,500—which includes both undergraduate and graduate borrowing provided they:
  • Borrowed a federal loan in their current program of study prior to July 1,2026 and
  • Remain enrolled in the same program of study
• Legacy Parent PLUS Borrowing can continue under prior borrowing limits tied to the cost of attendance minus other financial aid may continue provided the student or parent borrower has:
  • Borrowed a federal direct loan before July 1, 2026 while the dependent student was enrolled

All legacy provisions are limited to the shorter of:

• The remaining length of the program, or
• Three additional years.

For many students — particularly those enrolled full time — there may be little or no immediate impact.

What Current Students Should Know

Simmons will continue to provide students with an anticipated loan amount as part of the financial aid process based on expected enrollment.

• Final loan eligibility is confirmed after course registration and review of cost of attendance.
• For some students, loan eligibility may look different than in prior years.
• For others, eligibility may remain largely the same.

Detailed and individualized information will be shared as part of the new year financial aid process beginning in June.

What Future Students (and Program Transitions) Should Know

Students who begin a new graduate program in 2026–2027 or later—including those transitioning into a new program of study—may not have access to the Graduate PLUS Loan and will need to consider other financing options.

We encourage prospective and continuing students to review loan options early and to contact Student Financial Services with questions.