A legacy provision permits parents with existing Parent PLUS loans for a dependent student to continue to borrow under current loan limits for 3 academic years or the remainder of their dependent student’s expected time to complete their current credential, whichever is less.

Additional guidance will be forthcoming from the U.S. Department of Education that will provide more details.

The new Parent PLUS Loan annual limit taking effect July 1, 2026 is $20,000 per dependent student. If you have two dependent undergraduate students for example, then the annual Parent PLUS limit is up to $20,000 for each student ($40,000 total).

The aggregate limit for Parent PLUS Loans will be $65,000 per dependent student.

All parents (combined) have an annual Parent PLUS loan limit of $20,000 per dependent student and a $65,000 aggregate limit per dependent student. If two parents individually apply for two separate Parent PLUS loans for the same dependent student, the combined total of the two loans cannot exceed $20,000 for the year.

Freshman students meeting the criteria for federal student aid may be eligible for $5,500 in the Direct Subsidized/Unsubsidized Loan. Parents of freshmen may qualify for Parent PLUS Loans up to $20,000 subject to credit approval.

If you need additional funds to assist with covering costs above the federal loan amounts listed above, or if you do not qualify for federal loans, private loans may be an option. Rice provides a historical list of lenders offering competitive rates and terms to begin your research.

Yes, the Grad PLUS Loan is available for the 2025-2026 academic year to current graduate & professional students.

If your current program is a graduate or professional program, then you would need to have borrowed a Grad PLUS Loan prior to July 1, 2026 toward the current program. This means you will need to borrow and receive funds during the 2025-2026 academic year to be eligible to receive a Grad PLUS loan after July 1, 2026.

Once you borrow, you can continue to take out a Graduate PLUS Loan until the scheduled length of your program ends or up to three academic years after 2025-2026, whichever is less.

Note that students may not extend their years of eligibility by enrolling in a new degree or credential beyond their current program of study.

Additional guidance will be forthcoming from the U.S. Department of Education that will provide more details.

Students meeting the criteria for federal student aid may be eligible for the following federal loans:

• Enrolled in a graduate program:
  • Federal Direct Unsubsidized Loan: $20,500
• Enrolled in a professional program:
  • Federal Direct Unsubsidized Loan: $50,000

If you need additional funds to assist with covering costs above the federal loan amounts listed above, or if you do not qualify for federal loans, private loans may be an option. Rice provides a historical list of lenders offering competitive rates and terms to begin your research.

The U.S. Department of Education (ED) currently defines a professional degree as, “A degree that signifies both completion of the academic requirements for beginning practice in a given profession and a level of professional skill beyond that normally required for a bachelor's degree. Professional licensure is also generally required.” ED provides examples of professional degrees as Law (J.D.), Medicine (M.D.), and Theology (M. Div), but this list is not exhaustive and is intended only for illustrative purposes.

That having been said, the final determination of which programs qualify for the professional-level loan limits under H.R. 1 will ultimately depend upon ED's interpretation of the statute and regulation. Additional guidance from ED will be forthcoming to confirm how specific programs will be designated.