STUDENT
Grad Plus Fact Sheet/FAQ*
Now through June 30, 2026 there are 2 types:
- Federal Direct Unsubsidized Loans - Students can borrow up to $20,500 per academic year (or $33,000 per academic year for students enrolled in the Ph.D. Clinical Psychology program). The current interest rate is 7.94%.
- Graduate PLUS Loans - Students can borrow up to the full Cost of Attendance (COA) minus any other financial aid, such as grants or scholarships from Teachers College. The interest rate is 8.94%.
Domestic students are eligible for federal loans. International students can apply for private loans.
Students must be at least half-time or equivalent (which at TC is 5 credits) during each term that federal aid is paid out.
No. Students can choose to apply for PLUS or unsubsidized loans; one is not a prerequisite for the other.
- The Department of Education is canceling the Graduate PLUS Loan program as of July 1, 2026.
- The borrowing limit for the Federal Direct Unsubsidized Loan is $20,500 per year for graduate programs and $50,000 per year for professional graduate programs. The aggregate limit is capped at $100,000 for graduate programs and $200,000 for professional programs. *Please note that $257,500 is the lifetime borrowing cap for federal student loans (undergraduate + graduate).
- Graduate students’ loan amounts, like undergraduate loans, will be prorated based on enrollment status. At this time, the federal government has not issued specific guidance on this change, but we will provide updates as soon as additional information becomes available.
The Department of Education was very intentional in defining a professional student by using specific CIP codes. “Professional” is defined as someone who is enrolled in one of the following areas: Pharmacy, Dentistry, Veterinary Medicine, Chiropractic, Law, Medicine, Optometry, Osteopathic Medicine, Podiatry, Psychology, or Theology. All of these programs must be doctoral level and issue licensure. Under this definition, at this time, we believe that only a few of the College’s majors will be deemed a professional program. If other TC doctoral programs can be added, we will update accordingly.
Yes, if a student was disbursed Graduate PLUS Loan funds prior to July 1, 2026, they will be grandfathered and 1) be eligible to take out Graduate PLUS Loans for up to 3 additional years and 2) be able to borrow up to TC's cost of attendance (minus any Federal Direct Unsubsidized Loan and any other financial aid such as grants or scholarships).
Yes, a new student who applies for and receives a Graduate PLUS Loan of any amount by June 30, 2026 will be grandfathered. This means that a new student would need to apply for the Grad Plus loan in Spring 2026 in order for the disbursement to be made by June 30, 2026. While there is no firm deadline, we would recommend not applying for the Grad PLUS loan after June 1, 2026 to allow time for loan approval, credit checks, and disbursement to be made prior to June 30, 2026. To be compliant, the new student would need to take 5 credits for the summer of 2026 (1 of those 5 credits must be in Summer A).
Yes. Just like new students, continuing students must apply for and be approved for the Grad PLUS Loan during either the Spring 2026 semester or the Summer A 2026 term to ensure the loan can be disbursed by June 30, 2026. To remain compliant, a continuing student must either (1) apply and be approved for the loan for Spring 2026, or (2) apply and be approved for the loan for Summer 2026 and enroll in at least 5 credits that summer, with at least 1 of those credits in Summer A.
Yes, any TC student who has received Grad Plus loan funding is grandfathered until the completion of the degree or a maximum of 3 years.
Continuing students who have received a Graduate PLUS Loan before June 30, 2026 do not need to take a set number of credits in the Summer of 2026 to be grandfathered.
Incoming TC students and any student–new or continuing– who has not taken out Grad PLUS loans at any time in the past would need to take a total of 5 credits over Summer A and B with at least 1 credit taken in Summer A.
If you plan to finance your education with Grad Plus loans and you have not yet drawn upon them, you should apply in the spring of 2026 (no later than June 1, 2026) so that funds can be disbursed before June 30, 2026. For existing students, these funds can be utilized for the Spring or Summer 2026 semesters and for incoming students this can be utilized for the Summer session assuming at least 5 credits are taken over both Summer A & B (a minimum of 1 credit must be taken in Summer A).
No, students should connect with their program director to ensure that the courses they will take will count toward their degree. Each program has its own specific requirements. Please be sure to receive recommendations from your program regarding the kinds of Summer courses that could be taken and count toward your degree.
Students can go to the Education Finance Council website to see state-based non-profit organizations that may be able to lend you an affordable loans or work with private lenders.
*Please note: The information on this page is provided for general guidance only and does not constitute a binding agreement. The terms, conditions, interest rates, origination fees, eligibility criteria, and repayment options of the Grad PLUS Loan are determined by federal law and the regulations of the U.S. Department of Education (ED).
While TC strives to keep this FAQ current and accurate, we are not responsible for any inaccuracy, omission, or later changes in federal law or ED regulations that affect loan availability or terms.
Borrowing under Grad PLUS may affect your eligibility for other types of aid. You are responsible for repaying the loan under the terms established by ED. The loans described herein are federal, unsubsidized loans. TC does not endorse or guarantee the loans — nor does it recommend or recommend against borrowing under Grad PLUS versus other forms of aid or private loans.