New Federal Student Loan Rules Are Now Hitting College Students And Families As The Fall Semester Gets Underway

New Federal Student Loan Rules Are Now Hitting College Students And Families As The Fall Semester Gets Underway

College families in Lubbock are beginning the new school year under major federal student loan changes that took effect July 1. New limits now apply to many graduate and professional borrowers, while Parent PLUS loans are capped at $20,000 per year per student and $65,000 over a student’s lifetime. Undergraduate federal loan limits did not change, but colleges can now set lower borrowing limits within programs if they apply them consistently. New borrowers also have fewer repayment choices, including a fixed payment option and a new income based plan with payments starting as low as $10 per month. Some graduate loan rules are still being challenged in court, meaning parts of the system remain unsettled. For Texas Tech and other area families, financial aid decisions now require a closer look than in previous years.

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