{"id":24564,"date":"2017-09-14T16:41:19","date_gmt":"2017-09-14T20:41:19","guid":{"rendered":"http:\/\/www.bu.edu\/cas\/?page_id=24564"},"modified":"2026-03-26T11:21:10","modified_gmt":"2026-03-26T15:21:10","slug":"loans","status":"publish","type":"page","link":"https:\/\/www.bu.edu\/cas\/admissions\/phd-mfa\/fellowship-aid\/loans\/","title":{"rendered":"PhD &#038; MFA: Student Loans"},"content":{"rendered":"<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Federal Financial Aid Updates<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p>In 2025, the One Big Beautiful Bill Act, which included many changes to federal financial aid, was signed into law.\u00a0 The Department of Education is working to finalize provisions in the law by July 1, 2026.\u00a0 This following information is intended to orient students to the changing landscape of federal student loan programs.\u00a0 The final rules have yet to be published by the Department of Education as of March 2026.\u00a0 We will update this page with updates as we receive them.<\/p>\n<h5>What are the major changes introduced by the Act?<\/h5>\n<ul>\n<li><strong>Graduate PLUS loans eliminated for new borrowers: <\/strong>Current borrowers can continue for up to three years or the remainder of their program (whichever is less). They must stay in the same program to remain eligible. Students who take a leave of absence or withdraw on\/after July 1, 2026 lose legacy borrowing protections.<\/li>\n<li><strong>Caps on federal borrowing: <\/strong>Graduate students: up to $20,500 per year, $100,000 aggregate. Professional students: up to $50,000 per year, $200,000 aggregate (with certain programs proposed to be classified as \u201cprofessional,\u201d see below).\u00a0 <span><\/span><\/li>\n<li><strong>Total Lifetime Loan Limit: <\/strong>There is a new total lifetime limit across all direct loans (whether undergraduate or graduate loans) of $257,500, excluding Graduate PLUS loans and Parent PLUS loans borrowed on a student\u2019s behalf.<\/li>\n<li><strong>Loan Proration:<\/strong><span>\u00a0<\/span>Under the new rules, the Department of Education will prorate loans (i.e., reduce the maximum loan limit) for any students enrolled in less-than-full time status.<\/li>\n<li><strong>Repayment Plans:<\/strong><span>\u00a0<\/span>The law created a new standard repayment plan and a new income-based repayment plan (RAP). Some existing student loan repayment plans will be eliminated on July 1, 2028. For more information, please visit<span>\u00a0<\/span><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noopener\">studentaid.gov<\/a>.<\/li>\n<li><strong>Professional Student Definition:<\/strong><span>\u00a0<\/span>The Department of Education has proposed defining a subset of graduate programs as \u201cprofessional,\u201d and five programs at Boston University would meet this definition: Dentistry (DMD), Law (JD), Medicine (MD), Theology (MDiv) and Clinical Psychology (PhD).\u00a0 The <span><strong>Clinical Psychology PhD<\/strong> program is the only program offered by the <strong>Graduate School of Arts and Sciences<\/strong> (GRS) that meets this definition (the <em>Psychology Brain, Behavior, &amp; Cognition PhD<\/em> program and the <em>Psychology Developmental Science PhD<\/em> program do not).<\/span><\/li>\n<\/ul>\n<h5>When do these changes take effect?<\/h5>\n<p>Most changes will take effect starting July 1, 2026, and will be in place for the 2026\u201327 academic year.<\/p>\n<h5>What\u2019s happening with graduate loans?<\/h5>\n<p>Effective, July 1, 2026, Graduate PLUS loans will no longer be available for new borrowers.\u00a0 Previously, this program allowed students to borrow up to the cost of attendance.\u00a0 Existing borrowers are still eligible for Grad PLUS loans for the remainder of their program or up to three years, whichever is less.\u00a0 Any students who are on a leave of absence greater than 180 days or withdraw from their program on or after July 1, 2026, will lose any legacy borrowing protections, even if they return to the same program during the three-year window.\u00a0 Legacy borrowers will not be able to extend these terms beyond Spring 2029.<\/p>\n<h5>What are the new federal graduate borrowing limits?<\/h5>\n<p>Graduate students may be eligible for up to $20,500 per year in direct<span>\u00a0<\/span><span class=\"glossary-tooltip\"><span class=\"glossary-link\"><a href=\"https:\/\/www.bu.edu\/finaid\/glossary\/unsubsidized\/\">unsubsidized<\/a><\/span><span class=\"glossary-tooltip-content clearfix\"><span class=\"glossary-tooltip-text\"> <\/span><\/span><\/span>loans, with an aggregate limit of $100,000.\u00a0 Professional students (as defined by the Department of Education, see above) may be eligible for up to $50,000 per year in direct<span>\u00a0<\/span><span class=\"glossary-tooltip\"><span class=\"glossary-link\"><a href=\"https:\/\/www.bu.edu\/finaid\/glossary\/unsubsidized\/\">unsubsidized<\/a><\/span><span class=\"glossary-tooltip-content clearfix\"><span class=\"glossary-tooltip-text\"> <\/span><\/span><\/span>loans, with an aggregate limit of $200,000.\u00a0 If you borrowed before July 1, 2026, you remain eligible for the previous loan limits for the same program.<\/p>\n<h5>What options are available for incoming graduate students?<\/h5>\n<p>US\u202fcitizens or permanent residents who are enrolled in at least six credits may apply for an unsubsidized Direct loan for their graduate program.\u00a0 We recognize that\u202fstudents\u202fmay require additional support beyond the federal Direct loan limits to finance the cost of\u202ftheir education.\u00a0 Many private lenders offer specialized financing options for graduate and professional students, covering up\u202fto\u202fthe full cost of education without annual loan limits or aggregate borrowing limits.\u00a0 Boston University provides information about \u202f<a href=\"https:\/\/www.credible.com\/private-student-loans\/prequal\/role\" target=\"_blank\" rel=\"noopener\">credible.com<\/a>, a free online loan selection tool that allows students to compare pre-qualified rates, terms, eligibility rules side-by-side, to help students find the private loan that best meets their needs.<\/p>\n<p><\/div>\n<\/div>\n\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Applying for a Loan<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p>Student loans can play a critical role for helping to finance your education and are a great resource when used conservatively and wisely. You may borrow loans for up to your total <strong><a href=\"https:\/\/www.bu.edu\/cas\/admissions\/phd-mfa\/fellowship-aid\/cost-of-attendance\" target=\"_blank\" rel=\"noopener noreferrer\">Cost of Attendance<\/a><\/strong> (which includes the cost of tuition, mandatory fees, living expenses, and BU medical insurance) minus aid received (notably non-service fellowships such as the Dean&#8217;s Fellowship, tuition scholarships, and insurance scholarships).\u00a0 We encourage you to carefully consider whether or not you need to borrow, and if you do, to borrow no more than you need or can comfortably repay after leaving school. Information regarding various loan resources can be found by clicking on the options listed below.\u00a0 If you have further questions, do not hesitate to contact <a href=\"mailto:grsaid@bu.edu\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>grsaid@bu.edu<\/strong><\/a>. Please always include your BU ID in all written correspondence. We are here to help you with any information or questions you may have regarding the loan process here at Boston University.<\/p>\n<p style=\"text-align: left;\"><a class=\"button-primary\" href=\"https:\/\/www.bu.edu\/cas\/admissions\/phd-mfa\/fellowship-aid\/loans\/federal-unsub-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">Federal Direct Unsubsidized Loan<\/a><\/p>\n<p style=\"text-align: left;\"><a class=\"button-primary\" href=\"https:\/\/www.bu.edu\/cas\/admissions\/phd-mfa\/fellowship-aid\/loans\/credit-based-loans-federal-plus-private\/\" target=\"_blank\" rel=\"noopener noreferrer\">Credit-Based Loans (incl. Grad PLUS Loan)<\/a><\/p>\n<p style=\"text-align: left;\"><a class=\"button-primary\" href=\"https:\/\/www.bu.edu\/cas\/admissions\/phd-mfa\/fellowship-aid\/loans\/international-student-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">International Student Loans<\/a><br style=\"clear: both;\" \/><br style=\"clear: both;\" \/><\/div>\n<\/div>\n\n<p style=\"text-align: left;\"><div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Loan Deferments<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p>The University has partnered with the\u00a0<a href=\"https:\/\/www.bu.edu\/reg\/students\/proof-of-enrollment\/\"><strong>National\u00a0Clearinghouse<\/strong><\/a>\u00a0to make your registration information available to loan servicers.\u00a0 The University reports the start and end dates of the semesters in which you are registered\u00a0\u2013 as long as you did <strong>not restrict <\/strong>the <strong>sharing<\/strong> <strong>of your personal information<\/strong>. You may also ask the registrar to complete a loan deferment form from your lender.\u00a0 The Graduate School of Arts and Sciences (GRS) does not verify enrollment, please contact the Registrar\u2019s Office and refer to the <a href=\"http:\/\/www.bu.edu\/reg\/students\/faqs\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Registrar&#8217;s Office FAQs<\/strong><\/a>:<\/p>\n<p style=\"padding-left: 40px;\"><strong><em>I have a verification form from my student loan lender that needs to be filled out. Can you complete the form? <\/em><\/strong><em>Yes, the Registrar&#8217;s Office can complete a verification form sent to us by the student for a lender. You can either come in person to our office, fax (617-353-1869), email a scanned copy of the form to <strong><a href=\"mailto:registrar@bu.edu\">registrar@bu.edu<\/a><\/strong> or mail the form to: <\/em><em>Office of the University Registrar, Boston University, 881 Commonwealth Ave, Boston, MA 02215.<\/em><\/p>\n<p><\/div>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":13289,"featured_media":0,"parent":24627,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/pages\/24564"}],"collection":[{"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/users\/13289"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/comments?post=24564"}],"version-history":[{"count":48,"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/pages\/24564\/revisions"}],"predecessor-version":[{"id":89759,"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/pages\/24564\/revisions\/89759"}],"up":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/pages\/24627"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/cas\/wp-json\/wp\/v2\/media?parent=24564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}