Financial Aid
More than $10 Million in scholarships awarded annually
How to Finance Your Education
Providing a high-quality education and supporting you through the process of financing it is our top priority. There are many ways to finance this new journey, and we’re here to help you find the best way forward.
Federal Legislation Updates
Stay up to date with changes and proposals that may impact federal student aid programs. Due to the rapidly changing nature of legislation, The Chicago School does not summarize or analyze pending bills. Instead, we encourage students and families to consult official sources for the most current information.
Students should review these resources regularly to remain informed about potential impacts to federal borrowing limits, repayment plans, eligibility, and other potential issues.
Helpful Resources:
The Chicago School is committed to providing transparent, timely information about recent federal legislation that may affect student financial aid in the future. The changes described below will take effect no earlier than July 1, 2026, and do not impact financial aid or borrowing eligibility for the current academic year.
What is the Negotiated Rulemaking process, and how is it relevant to recent legislation from July 2025?
Negotiated Rulemaking, often called “Neg Reg,” is the formal process the U.S. Department of Education uses to develop and finalize new regulations that interpret or implement federal education laws.
For the new legislation, this process is critical. While the law sets the broad rules (such as new loan limits and the sunsetting of Grad PLUS), many of the specific details, like how loan proration will be calculated or how loan limits will be applied,” must be defined through Neg Reg.
Here’s how the process works:
- Notice of Intent: The Department of Education announces it will begin rulemaking.
- Public Hearings: At least two hearings allow individuals and institutions to provide feedback.
- Committee Formation: A diverse group of stakeholders (schools, students, lenders, etc.) is selected.
- Negotiation Sessions: The committee meets over several months to discuss and agree on draft rules.
- Proposed Rules: If consensus is reached, the Department of Education publishes proposed regulations for public comment.
- Final Rule: The Department of Education reviews comments and issues a Final Rule by Nov 1, for implementation on July 1 the following year.
Understanding this process is important because it means that while the legislation is now law, many of its details are not yet final. We are committed to monitoring these developments closely and will continue to keep you informed with clear, timely updates, so you can plan confidently and focus on your education.
What is changing in federal student aid?
Federal legislation passed in July 2025 introduces updates to how students access federal financial aid. These changes affect federal loans, grants, and repayment structures for both undergraduate and graduate students. Most changes are scheduled to go into effect on July 1, 2026. Some provisions remain under federal review with the Negotiated Rulemaking process, and we will continue to monitor updates as they are released.
GRADUATE & PROFESSIONAL STUDENTS
What is happening to Graduate PLUS Loans?
As written in new legislation, Graduate PLUS Loans will no longer be available for new borrowers starting July 1, 2026.
- Students who receive a certified Grad PLUS Loan for their current program prior to July 1, 2026, will be grandfathered in and can continue borrowing through the 2028–2029 academic year or program completion, whichever comes first.
What are the new federal loan limits for graduate students?
The legislation has established a new lifetime cumulative borrowing cap of $257,500 in federal student loans. This total includes all federal loans borrowed program levels, undergraduate, graduate, and professional. Students may borrow up to the individual limits outlined below, but the combined total of all borrowing cannot exceed $257,500. Loan amounts are not transferable between program levels, and there is no provision for replenishment if a student transitions between levels or exhausts their eligibility.
Individual borrowing caps by program level:
- Undergraduate total: $57,500
- Graduate (non-professional): $100,000
- Graduate (professional): $200,000
UNDERGRADUATE STUDENTS
Are Pell Grants changing?
Yes. New legislation includes several proposed updates to Pell Grant eligibility:
- Students become ineligible if their total aid (federal, state, institutional, or private) exceeds their cost of attendance.
- Students with a Student Aid Index (SAI) greater than twice the maximum Pell Grant amount will not qualify.
- Foreign income will be counted toward a student’s Adjusted Gross Income (AGI), which could affect eligibility.
What is changing with Parent PLUS Loans?
Beginning July 1, 2026, Parent PLUS Loans will be capped at:
- $20,000 per dependent undergraduate student, per year
- $65,000 lifetime maximum per dependent student
These limits apply to all parent borrowers combined (not per parent).
Are Work-Study and SEOG going away?
There is no impact to the Federal Work Study program or SEOG related to the new legislation.
WHAT THIS MEANS FOR YOU
Are repayment options changing?
New federal legislation is restructuring repayment options for all borrowers. As of July 1, 2026, new borrowers will no longer be eligible for Income-Contingent Repayment (ICR) plans. By July 1, 2028, all borrowers must transition to one of two approved plans:
- Standard Repayment Plan (SRP): Fixed monthly payments based on total loan balance, with repayment terms of 10 to 25 years.
- Repayment Assistance Plan (RAP): Income-based payments starting at $10/month, with eligibility for Public Service Loan Forgiveness (PSLF). Annual recertification will be required, with details to be provided by the U.S. Department of Education.
Borrowers currently using other repayment plans may continue until July 2028, at which point they will need to switch to SRP or RAP.
Do these legislative changes affect my current financial aid?
No. These changes will not affect your current financial aid for the 2025–2026 academic year.
Which academic programs are affected by the new federal loan limits—and how is “professional” defined?
The new federal legislation introduces separate lifetime loan limits for undergraduate, graduate, and professional programs. While undergraduate and graduate categories are generally well defined, the classification of “professional” programs is still under federal review.
At this time, there is no final or comprehensive list of which programs will be classified as “professional” under the new guidelines. The U.S. Department of Education is expected to provide further clarification through the negotiated rulemaking process. Until that process concludes, institutions are unable to confirm whether specific programs will fall under the “graduate” or “professional” borrowing cap.
Should I do anything now?
There is no action needed at this time. We will continue to monitor federal guidance and share updates as more details are finalized.
In the meantime, students considering graduate or professional study may benefit from beginning their programs under the current aid structure before these changes take effect on July 1, 2026.
Who can I talk to with questions?
We know these updates may raise questions, and we’re committed to keeping our community informed as federal guidance is finalized. While many policy details are still under review, we will continue to update this page and share information through webinars and other outreach as soon as it becomes available.
FINANCIAL AID PROCESS
Start the Financial Aid Process
STEP
01.
Complete the Free Application for Federal Student Aid (FAFSA): The Chicago School’s school code is B07022.
STEP
02.
If needed, provide documents requested by The Chicago School. Once The Chicago School receives your FAFSA data and you have been offered admission, we will notify you of any documents needed prior to processing your award letter.
STEP
03.
Review and return your estimated award letter.
STEP
04.
Complete and e-sign the Master Promissory Note.
STEP
05.
Complete the student loan entrance counseling requirement.
STEP
06.
Look out for an email from your financial aid advisor. Financial Aid will post to your account after the Add/Drop period of each semester.
COSTS
Tuition and Fees
Learn more about the current tuition and fees for the programs you’re interested in.
Calculators
Calculating the Cost of Your Education
Net price calculator
Budget calculator
Loan simulator
EVENTS
Attend Our Upcoming Events

Our financial aid staff hosts regular seminars or webinars on topics such as budgeting, loans and scholarships, and even hands-on workshops at which our staff will help you complete your FAFSA paperwork to apply for federal student loans.
Code of Conduct
Financial Aid Code of Conduct
The Chicago School’s Financial Aid department is dedicated to the highest standards of professional conduct and has adopted and adheres to the Statement of Ethical Principles set forth by the National Association of Student Financial Aid Administrators (NASFAA). As members of NASFAA, The Chicago School has permission to make such an adoption.
Contact Us
The Office of Financial Aid services all campuses of The Chicago School. Office hours are as follows:
Monday-Friday 9:00 a.m. – 8:00 p.m. CT
Phone
(800) 684-2890 (select option 2;1).
Fax
Online Students: (312) 488-6304.
Campus-based Students: (855) 245-9408.
Email
Online Students: [email protected]
Campus-based Students: [email protected]