Financial Aid

Graduate Student FAQ

What will happen to the Graduate PLUS Loan in my original award?

• Your original financial aid award may have included a Graduate PLUS Loan based on federal loan programs available at the time the award was created. Because the Graduate PLUS Loan program will no longer be available to new borrowers after July 1, 2026, it will be removed from your revised financial aid award.

What are my options if Graduate PLUS Loans are no longer available?

• Graduate students may still be eligible for Federal Direct Unsubsidized Loans, which have an annual borrowing limit of $20,500 for graduate students, with an overall lifetime limit cap of $100,000.
• Students may consider other funding options such as: Graduate assistantships, scholarships, employer tuition assistance programs or private student loans.

Is there a total lifetime limit for federal loans?

• Yes. There will be a $257,500 lifetime cap on federal student loans across all programs (excluding Parent PLUS and previous Grad PLUS loans).

What are private student loans?

• Private student loans are education loans offered by banks, and private lenders rather than the federal government. These loans can help cover educational expenses when federal aid does not fully meet the cost of attendance.

• Because most private loans are based on creditworthiness, interest rates and approval may vary depending on the borrower’s financial profile. Students are encouraged to review all funding options carefully before borrowing.

What lenders do SCI-Arc students commonly use?

• Students may choose any private lender they prefer. Many students research and compare lenders to find the option that best fits their financial situation. You can review a list of lenders to SCI-Arc students here: Private Lending for Higher Education

• Additionally, some students have chosen lenders such as SoFi, which has been a strong option for many graduate borrowers. SoFi offers private student loans that may include:
  • No co-signer required for qualified borrowers
  • Competitive interest rates
  • Flexible repayment terms
  • A 6-month grace period after graduation before repayment begins.

• Students are encouraged to compare multiple lenders to determine which options best meet their needs.

Contact Financial Aid

If you have questions about your financial aid package or payment options, please contact the Financial Aid Office at financialaid@sciarc.edu.