Information for All Students & Parents
The information provided above reflects our current understanding of federal financial aid changes under the One Big Beautiful Bill Act (OBBBA) and is not intended to be legal advice.
Will the new law immediately affect my existing loans or aid?
No. If you’re currently receiving aid or are in repayment, your loans and grants remain under their present terms for now. Most changes—including new loan limits and repayment options—will apply starting in the 2026–27 academic year. We are monitoring federal guidance and will update you as details are finalized.
I’m already enrolled in a CMU program. How will the changes affect me?
If you’re currently enrolled and participating in the student and/or parent loan programs at CMU, there are no changes to the aid you’ve already received.
If you borrowed a federal student loan, Parent PLUS loan or Graduate PLUS loan at CMU for a term that began before July 1, 2026, you remain eligible to borrow under the previous loan limits for the duration of your current program or for three years (whichever is shorter).
To be eligible for the previous loan limits (including Grad PLUS), you must be continuously enrolled in your current program of study. If you take a leave of absence or go on academic pause, you will be considered a new borrower subject to the new loan limits. You will also be considered a new borrower if you temporarily stop attending your current program of study to enroll in and/or complete another program.
What if I plan to borrow federal loans for a future academic year and will not be enrolled full-time?
The new law requires annual loan amounts to be prorated in direct proportion to your enrollment status. This change is effective with all loans borrowed for the 2026-27 academic year and after. Your eligibility will be determined at the time of disbursement based on the number of credits a full-time student is expected to take for the academic year.
What about loan repayment—are there new options?
The new law replaces most existing income-driven repayment plans with a new framework for federal student loan repayment. If you borrow additional loan funds on or after July 1, 2026, your repayment options will be limited to the tiered Standard Plan and the Repayment Assistance Plan (RAP). More details will be available later.
What happens if I’ve already reached my aggregate Federal Direct Loan limits under the old rules?
If you have borrowed up to the aggregate federal loan limits under current rules, you may not be eligible for additional Federal Direct Loans unless the new law raises the limits for your situation. Federal transition guidance is still pending—we’ll provide updates after new rules are finalized.
Is Public Service Loan Forgiveness still available?
Yes. The Public Service Loan Forgiveness (PSLF) program will remain in place, and eligible borrowers can continue to work toward forgiveness. The new framework for federal student loan repayment outlined in the new law may make it easier for some borrowers to qualify, especially those with lower incomes. Further details on how PSLF will interact with the new framework are subject to pending rulemaking.
Do I need to do anything right now?
No action is required right now. Your loans and financial aid continue under current rules for the 2025–26 academic year. As changes begin to take effect, mostly starting in the 2026–27 academic year, we’ll provide additional guidance.