One Big Beautiful Bill (OBBB) Act Frequently Asked Questions
Below is a list of FAQs related to OBBB impacts. If you have questions or concerns specific to your situation, feel free to reach out to your HUB liaison.
Please note that information provided on this webpage is subject to change based on final regulations and any future guidance from the Department of Education. Carnegie Mellon will continue to monitor federal impacts and will provide updates on this webpage, as necessary.
Will my financial aid for 2026-2027 be impacted?
This will be on a case-by-case basis. New students will be subject to the new loan limits. For returning students, the new loan limits will depend on if the student qualifies for the legacy exception. All loans in 2026-2027 will be subject to the Schedule of Reduction (for those enrolled less than full time). In addition, the Pell Grant changes apply to all undergraduate students in 2026-2027. Please review more details on these impacts.
Will the financial aid application process change?
No. At this time, the FAFSA is still required for undergraduate and graduate students who want to apply for federal financial aid. Undergraduate students must also submit a CSS Profile to be considered for any institutional (Carnegie Mellon) aid. Review Carnegie Mellon's financial aid application process.
What financial aid funds will be impacted by the bill?
The bill primarily impacts graduate and parent loans. Effective July 1, 2026, the Graduate PLUS loan has been eliminated. If a borrower has a Grad PLUS loan made before July 1, 2026, while enrolled in a credentialed program, the borrower can continue to borrow from the program for three academic years or the remainder of their expected time to credential, whichever is less. Additionally, annual and aggregate loan limits have been updated for unsubsidized graduate loans and Parent PLUS Loans.
To learn more about these impacts and others, we encourage you to review .
Will Carnegie Mellon institutional aid (grants/scholarships) be affected?
No. The bill does impact some federal financial aid, but does not impact Carnegie Mellon institutional aid.
How could this impact my financial aid for future years?
The impacts of the bill will be a case-by-case basis depending on your situation. For example, graduate students and parents borrowing federal loans may be impacted. Additionally, if your Student Aid Index (SAI) is more than twice the amount of a maximum Pell Grant, then your Pell Grant will be impacted. Your SAI can be found on your .
When do the changes go into effect?
Most of the changes will go into effect July 1, 2026. View for more details.
How should I plan for the future?
We encourage you to review on the bill’s impacts, including changes to loan repayment.
If you will be impacted by the bill and are concerned about meeting the cost of your education, then private loans may still be a borrowing option. Learn more about private loans.