Loans fall into two categories: federal loans and private loans. Federal loans should always be the first option to consider when borrowing to finance an education. You must complete a Free Application for Federal Student Aid (FAFSA) to be eligible for a federal loan.

Federal Student Loans

Financial Aid Update: What Undergraduate Students Need to Know (2026–2027)
Important Changes Due to the One Big Beautiful Bill Act (OBBBA)

New Federal Student Loan Limits

The federal government has established new limits on how much students may borrow for graduate school. The rules depend on whether you borrowed federal loans for your current program before July 1, 2026.

The federal government has changed how undergraduate federal student loan eligibility works beginning July 1, 2026. Your eligibility depends on whether you previously borrowed federal student loans for your current undergraduate program before that date.

Key Information at a Glance

  New Borrowers Returning Borrowers
Federal Direct Loans ✓ Available ✓ Available
Annual Loan Limits Standard undergraduate limits apply Standard undergraduate limits apply
Lifetime Loan Limits $31,000–$57,500 depending on dependency status $31,000–$57,500 depending on dependency status
Parent PLUS Loans ✓ Available for eligible parents up to $20,000 per year ✓ Available for eligible parents up to total cost of attendance per year
Lifetime Loan Limits Standard federal aid rules apply ✓ Yes
  • Federal Direct Subsidized and Unsubsidized Student Loans

    Federal Direct Student Loans are offered to eligible students and are provided by the federal government acting as the lender. Direct Subsidized Student loan eligibility is based on financial need and if accepted, the U.S. Department of Education will pay the interest until the student graduates, leaves school, or drops below half time. Direct Unsubsidized loans are not based on financial need and interest will accrue the whole time that the student is enrolled in school. Both Subsidized and Unsubsidized Direct loans do not require repayment until 6 months after the student graduates, leaves school, or drops below half time.

    The current interest rate for Federal Direct Undergraduate Student Loans first disbursed on or after July 1, 2026 and before July 1, 2027 is 6.52% and there is also an origination fee of 1.057%. Please review the most current information about interest rates and origination fees for Federal Direct loans.

  • Federal Direct Plus Loans for Parents of Dependent Undergraduate Students

    Loan funds are available to credit-worthy parents of dependent students. These loans are not based upon financial need.  See the information below for amounts parents can borrow from the PLUS loan program. The current interest rate for loans disbursed on or after July 1, 2026 and before July 1, 2027 is fixed at 9.07% and repayment for PLUS loans may be deferred until after the student ceases to be enrolled at least half time. There is also a 4.228% origination fee deducted from each loan disbursement.

    Application Instructions:

    To apply for a 2026-2027  Federal Direct PLUS Loan please visit Federal Student Aid, and click "Learn More."

    All new borrowers must also complete the Master Promissory Note as part of the Federal Direct Plus Loan process. Please visit Plus Loan Master Promissory Note for more information.

    Note: We are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible to guaranty agencies, lenders, and schools determined to be authorized users of the data system.

  • New Borrowers

    (Students who have NOT borrowed federal loans for their current undergraduate program before July 1, 2026)

    Students beginning a new undergraduate program on or after July 1, 2026, will continue to be eligible for Direct Federal Student Loans under the standard undergraduate annual and lifetime borrowing limits:

    Annual Federal Direct Loan Limits

    Dependent Undergraduate Students:

    • First Year: up to $5,500
    • Second Year: up to $6,500
    • Third Year and Beyond: up to $7,500

    Independent Undergraduate Students:

    • First Year: up to $9,500
    • Second Year: up to $10,500
    • Third Year and Beyond: up to $12,500

    Lifetime Federal Direct Loan Limits

    • Dependent Students: $31,000 total
    • Independent Students: $57,500 total

    These limits include both subsidized and unsubsidized federal student loans.

    Parent PLUS Loans remain available for eligible parents of dependent undergraduate students, but maximum amount is capped at $20,000 per year with a lifetime aggregate limit of $65,000 per child.

  • Returning Borrowers

    (Students who HAVE borrowed federal loans for their current undergraduate program before July 1, 2026)

    Students who previously borrowed federal student loans for their current undergraduate program before July 1, 2026, may continue under existing federal loan eligibility rules if they meet all continuing eligibility requirements.

    To maintain eligibility, students must:
    ✓ Remain continuously enrolled
    ✓ Complete their program within the institution’s published timeframe
    ✓ Continue meeting all federal financial aid eligibility requirements, including Satisfactory Academic Progress (SAP)

    Your federal annual and lifetime loan limits remain the same:

    • Dependent Students: up to $31,000 total
    • Independent Students: up to $57,500 total

    Eligible parents of dependent students may continue to utilize Parent PLUS Loans up to the total cost of attendance.

    You may lose continued eligibility if you:

    • Withdraw or stop attending for an extended period
    • Exceed maximum timeframe requirements for degree completionFail to meet federal financial aid eligibility standards

Private Student Loans

An alternative to the federal student loan programs are private loans made by a lender such as a bank or credit union. If you are considering a private loan, be sure to examine the terms and conditions carefully to determine if it meets your needs.

Private loans are an option for students and families to assist them in paying for educational expenses that are not covered by other types of financial aid. It is strongly recommended that you apply for federal aid first, as federal loan programs often have more favorable terms than private loans. While we want to make information on loan borrowing available to all eligible participants, we by no means want to advocate unnecessary borrowing. We recommend a student borrow conservatively and only what they need.

Finding a Lender

To help our students and their parents navigate the increasingly complex private loan landscape, Endicott has partnered with a company called Elm Select. To review a list of commonly used private loan options that the College has evaluated and found to be reputable, please visit Elm Select. However, you are welcome to borrow from any lender you choose without penalty whether or not that lender is listed on the website. Students who borrow through a private loan will be required to complete an application and a Self-Certification Form. Both of these forms will be provided by the selected loan provider. You will need the College's Cost of Attendance to complete the Self-Certification Form.

We will be happy to answer questions or provide information as you identify the loan options that will best suit your family's needs.

Contact Us

Undergraduate Admission

978-921-1000

800-325-1114

admission@endicott.edu

Undergraduate Financial Aid Office

978-232-2070

978-232-2085 (Fax)

finaid@endicott.edu