Loans

Upcoming Changes to Student Loans: On July 4, 2025, President Trump signed a reconciliation bill (the "One Big Beautiful Bill Act", or OBBBA) which contains many changes to federal financial aid programs. Effective July 1, 2026, new limits will be placed on federal student loans for Graduate and Professional students. Based on the interim guidance from the Department of Education, we expect that JD students will be classified as Professional students. 

• New Students Beginning the JD Program at UChicago Law: Graduate PLUS Loans are not available to new JD borrowers beginning with the 2026-2027 academic year, including incoming transfer students who will start with the Autumn 2026 quarter. You will be eligible for a Federal Unsubsidized Loan (up to $50,000 per academic year) and may be eligible to borrow private student loans. The federal student loan professional lifetime borrowing limit is $200,000, and this includes any previous graduate borrowing.
• Current UChicago JD Students Continuing Their Program: Current UChicago Law JD students who have borrowed federal student loans for their JD program prior to July 1, 2026 and will continue in that program into the 2026-2027 academic year may continue to borrow Unsubsidized and Graduate PLUS loans at their current limits. This borrowing option will be available for three additional academic years or until your current academic program is completed, whichever comes first.

Additional changes from the OBBBA include:

• Continuous Enrollment Toward Degree: For continuing borrowers to maintain eligibility for the loan programs under pre-July 1, 2026 rules, they must be continuously enrolled in the same academic program at UChicago. Eligibility to use the prior rules lasts for three years or until the current academic program is completed, whichever is less.
• Loan Reduction for Less Than Full Time: For students enrolled less than full-time during the academic year, loan amount eligibility will be reduced in proportion to the level of enrollment.
• Repayment Plans: Borrowers with new federal loans made on or after July 1, 2026 are only eligible to choose from two repayment plans: a new standard repayment plan with fixed monthly payments and terms ranging from 10 to 25 years based on the amount borrowed, or a new income-based repayment assistance plan, known as RAP, with a 30 year repayment period and tiered repayment based on income. Students who do not borrow a federal student loan after July 1, 2026 may continue to enroll in the current repayment plan options for a limited time.

The Law School's Financial Aid Office, in concert with the University Financial Aid Office, continues to monitor updates and will provide additional guidance as it becomes available. We also continue to investigate financing options to allow UChicago Law students to complete their degrees as planned. We have more information about these changes on our Federal Student Loan Changes webpage, and the below information has been updated to reflect these upcoming changes.

The University of Chicago Law School Financial Aid Office processes all student loans and financial aid for UChicago Law students. You may be eligible for a Federal Direct Unsubsidized Loan, private (alternative) student loans, or a combination of both.

Federal Direct Unsubsidized Student Loan

To apply for a Federal Direct Unsubsidized Loan through the Department of Education, students must submit the FAFSA. The UChicago Law priority deadline for submitting the FAFSA for is the May 31st prior to the start of the applicable academic year. The Law School uses the University of Chicago FAFSA code: 001774. 

JD students can borrow up to $50,000 in Direct Unsubsidized Loan funds each academic year, up to a lifetime maximum of $200,000 (which also includes any other graduate Direct Unsubsidized Loan borrowing). There is no credit check required for a Direct Unsubsidized Loan and it is not offered based on a demonstration of financial need. The loan begins accruing interest at the time funds are paid to your student account for a quarter. The interest rate for a newly borrowed Direct Unsubsidized Loan can change from academic year to academic year but is locked in once a loan is borrowed, until the loan is paid off. The Direct Unsubsidized Loan also carries a federally-mandated loan fee, which is taken off the top of the loan prior to it being paid out to your student account. The following StudentAid.gov webpages provide more information:

• Federal eligibility criteria
• Interest rates
• Loan fees

Once your FAFSA has been processed, you will receive your FAFSA Submission Summary from the Department of Education. You can review the status of your FAFSA by logging into studentaid.gov.

Private Student Loans

Private student loans (also known as alternative student loans) are non-Federal, market-based loans offered by private lenders, including banks, credit unions, and other private organizations. Private student loans can usually be offered to U.S. citizens, nationals, permanent residents, and international students. Students are who eligible for federal student loan funding should carefully compare their options, as federal student loan funding offers terms and conditions a private student loan may not. The University has gathered a preferred lender list to help students identify possible lenders to research further.

The Law School strongly suggests that students consider maximizing their Federal Direct Unsubsidized Loan eligibility each academic year prior to borrowing private student loan funding. The Direct Unsubsidized Loan provides a fixed interest rate, multiple repayment options (including option(s) based on income), cancellation provisions, deferments, and forbearances. Private student loans may not offer these same options. Students are encouraged to review more information about the differences between the Federal Direct Unsubsidized Loan and private student loans on the Federal Student Aid website or to contact the Financial Aid Office to discuss further.