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FEDERAL STUDENT LOAN CHANGES BEGINNING JULY 1, 2026: 

There are important federal student loan changes coming to students and their families beginning July 1, 2026 due to the One Big Beautiful Bill Act (OBBBA/OB3). Here is what you need to know:

  1. Parent PLUS loans are now capped.
    • Maximum $20,000 per year.
    • Maximum $65,000 lifetime total per student.
  2. Graduate PLUS loans are now eliminated. 
    • Graduate students can no longer borrow up to cost of attending through Grad PLUS. 
    • Students may still be eligible for Direct Unsubsidized Loans, if they have remaining eligibility. 
  3. Loan amounts may be reduced if not full-time.
    • Includes students who are enrolled less than full-time, withdraw, or are administratively withdrawn from one or more classes during the academic year.
  4. Fewer repayment plan options.
    • Only two main repayment plans available for new borrowers.
  5. Current students may keep old rules (temporarily).
    • If you borrowed before July 1, 2026 you may qualify for "legacy" benefits. 

Who is Affected Most?

  • Families relying on Parent PLUS loans for gap funding
  • Graduate students
  • Part-time students
  • Students who drop some or all classes within the academic year

Please see the PDF below for additional detailed information regarding the important changes to federal student loans beginning July 1, 2026. If you have any questions, please email financial.aid@glenville.edu

ob3_detailed_changes.pdf

William D. Ford Federal Direct Loan Program

Glenville State cooperates directly with the U.S. Department of Education in securing these loans and the FAFSA is required.

Loan amounts can vary depending on the student’s grade level and other aid awarded. The interest rate is fixed at 4.99% for the 2022-23 academic year. Subsidized loans are interest free while the student is in school. However, interest begins accumulating on unsubsidized loans at the time of disbursement. An origination fee is charged on all of the loans. View more information on Direct Loans at Federal Student Aid's Loan page.

First-time loan borrowers must complete Student Loan Entrance Counseling and sign a Master Promissory Note (MPN) online at studentaid.gov using their Department of Education FSA ID. This MPN covers both Subsidized and/or Unsubsidized Loan(s) on the same note and covers loans received for up to ten academic years. The US Department of Education will send a Disclosure Statement that details the loan amounts, disbursement dates, and other important information. All borrowers are required to complete an Annual Student Loan Acknowledgment at studentaid.gov as well. 

All student loans processed for only one semester will have two disbursement dates within that semester (one at the beginning and one half way through the semester). Loans for first-time borrowers are subject to a one time 30-day disbursement delay (that is, loan will disburse 30 days after the beginning of their first semester of college).

Student loan repayment will begin six months after graduation, dropping to less than half-time enrollment, or withdrawing from school. Deferments may be granted upon re-enrollment at a later date, and other types of deferments may be available by contacting the Servicing Center of your loan.

Students may view their cumulative loan information and Loan Servicing Center contact information on the studentaid.gov website. This can be done by logging in to the system with your FSA ID. This is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, and other U.S. Department of Education programs. The website provides a centralized, integrated view of all Title IV loans and grants that are tracked through their entire cycle; from aid approval through closure.

To learn more about managing your student loans, visit Student Loan Repayment | Federal Student Aid.

Private Student Loans

Private student loans are obtained through a lending institution and used to pay for educational expenses. The private loans and eligibility amounts must be certified by a Financial Aid Administrator at the school. Students may seek these opportunities through several lenders. Students should maximize their federal subsidized and unsubsidized loans before pursuing a private loan. Click here for more information on private loans.

Parent PLUS Loans

Parent PLUS loans are loans that a parent may borrow for a dependent student. The parent completes a separate application, and the Financial Aid Office certifies eligibility and sends the loan request to the processing center for a credit history check. If credit is approved, the parent completes a Master Promissory Note electronically at studentaid.gov. If credit is denied, the dependent student can then apply for the "Additional" Unsubsidized Loan. The interest rate is fixed at 7.54% for the Parent PLUS Loan for the 2022-23 academic year. Repayment begins after the loan is fully disbursed to the student’s account, or payment can be deferred while the student is enrolled at least half time.

More detailed information on Parent PLUS Loans may be viewed at Parent PLUS Loans | Federal Student Aid.

An Application for the Parent PLUS Loan may be printed from the Glenville State website, completed and returned to the Financial Aid Office.