The new law caps federal borrowing at $20,500 a year for master's and doctoral students. Across 6,278 graduate programs, 98% cost more than the cap allows.
If your program isn't on the federal "Professional" list, you're capped at $20,500 a year. Most grad programs aren't.
If your degree isn't on the federal Professional list, you're capped at $20,500. The median grad program costs $37,980. Across 6,278 programs, that adds up to a $29 billion annual gap.
At $20,500 a year, the aggregate limit won't stop most students. But carry $30K+ from undergrad and it starts to matter, especially for longer programs.
Already enrolled? You may get up to 3 years of grandfathering. Starting fall 2026 or later? The caps apply from day one.
General graduate programs (MA, MS, MFA, MSW, MEd, PhD, and others) fall under the standard graduate cap of $20,500. This is the broadest category — encompassing everything from social work to engineering to fine arts.
| School | Annual COA | Federal Cap | Annual Gap |
|---|---|---|---|
| UC Berkeley (MS) | $129,043 | $20,500 | −$108,543 |
| UChicago (MS) | $128,864 | $20,500 | −$108,364 |
| Johns Hopkins (MPH) | $122,214 | $20,500 | −$101,714 |
| Howard (MFA) | $121,256 | $20,500 | −$100,756 |
| Columbia (MS) | $116,927 | $20,500 | −$96,427 |
| UCLA (MS) | $111,122 | $20,500 | −$90,622 |
| Brown (MPH) | $110,020 | $20,500 | −$89,520 |
| Harvard (MPH) | $108,180 | $20,500 | −$87,680 |
Source: The 2026 Graduate Education Funding Crisis: A Data Report. Full methodology →
Federal loans, assistantships, fellowships, and private lending for master's and doctoral students.
Read guide →DATALook up any grad program: annual cost, federal cap, and the gap between them.
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Read guide →TOOLPick your school and program, enter your aid, and see your annual and total funding gap.
Calculate →Private loan products, aid changes, and federal policy updates for grad students.
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