5 important student loan dates are approaching

5 important student loan dates are approaching

In the world of federal student loans, it seems the only constant lately is change. The next few years are no exception, with important dates approaching that may impact your repayment plans, borrowing limits, and access to financial aid. Whether you’re currently repaying student loans or planning to borrow in the future, College Ave shares five important dates for federal student loans to mark on your calendar in 2026 and beyond.

1. FAFSA closes on June 30, 2026, for 2025-26 School Year

The Free Application for Federal Student Aid (FAFSA) unlocks the door to federal financial aid, including grants, student loans, and work-study. The final deadline to submit the FAFSA for the 2025-26 school year is June 30, 2026.

This FAFSA deadline is too late for most students, as the school year is probably already over. Many types of funding may also have run out, and state-based financial aid deadlines are typically set much earlier.

It could still be worth applying, though, if you’ll be taking summer classes that count toward the 2025-26 year. Plus, it’s possible to receive a Pell Grant if you’re eligible, and the school can apply it to your bill retroactively.

Mark your calendar if either of these scenarios apply to you. Most students, though, should aim to submit the FAFSA much earlier than this federal deadline, as some aid is distributed on a first-come, first-served basis.

2. Major overhaul of student loan system starts July 1, 2026

This summer will bring major changes to the federal student loan system as a result of the Republican-led One Big Beautiful Bill Act that was passed in July 2025. These changes will primarily apply to new borrowers who take out their first federal loan on or after July 1, 2026.

The changes include:

• Revised repayment plans. The current repayment plans will be replaced by two new plans: a Standard Repayment Plan that spans 10 to 25 years, depending on your loan amount, and an income-driven Repayment Assistance Plan (RAP), which spans up to 30 years.
• Adjusted borrowing limits. There will be new annual and lifetime borrowing limits if you’re heading to grad school — lower limits for graduate programs and slightly higher limits for professional programs, such as medical and law school.
• Elimination of Grad PLUS loans. The bill eliminated the Grad PLUS loan program for future borrowers, which let graduate students borrow up to the cost of attendance of their programs, minus other financial aid received.

If you borrow student loans before that date, you can keep using the current repayment plans and borrowing limits, at least temporarily. Today’s graduate students, for example, can continue under the existing rules for three more years or until the end of their program, whichever comes first.

But new graduate students will face different borrowing limits and not have the option of a Grad PLUS loan. If you find yourself with a gap in funding, you may consider other ways of paying for your degree, such as grants, scholarships, work-study, income from a part-time job, or private student loans.

3. FAFSA opens on Oct. 1, 2026, for the 2027-2028 School Year

The FAFSA for the 2027-28 academic year will open by Oct. 1, 2026. That’s the first day you can apply for federal grants, work-study, and student loans for the upcoming school year. Many schools and states also rely on the FAFSA to award institutional and state-based aid.

Some types of financial aid are doled out on a first-come, first-served basis, so submit the FAFSA as soon as you can. To hit the ground running, prepare ahead of time by gathering tax returns, financial records, and other important information you (and your parents, if you’re a dependent student) need for the form.

The FAFSA covers one school year, so you’ll need to submit it each year you’re in school and want to receive financial aid. FAFSA renewals typically take less time to fill out, since you can auto-populate some of your information from the previous year.

4. Deferment and forbearance rules change on July 1, 2027

The One Big Beautiful Bill Act also contains changes to deferment and forbearance guidelines, which will apply to federal student loans borrowed on or after July 1, 2027. Specifically, the changes include:

• No more economic hardship or unemployment deferment.
• Forbearance restricted to a maximum of nine months over a 24-month period.

Both deferment and forbearance let you postpone payments temporarily if you have a qualifying reason. They offer a temporary safety net for struggling borrowers, but most loan types keep accruing interest while payments are paused.

The new rules will mean federal loan borrowers have fewer options to pause payments and may need to explore other options for relief. If you have private loans, your lender may offer deferment and forbearance for certain circumstances.

Rules vary by lender, so reach out to yours if you’re having trouble affording payments.

5. Some income-driven repayment plans will sunset by July 1, 2028

If you’re on an income-driven repayment plan, you may need to switch to a new one in the next few years. Due to the One Big Beautiful Bill Act, the Pay As You Earn (PAYE) and ICR plans will be eliminated by July 1, 2028.

The SAVE plan will also disappear by that date or sooner. SAVE has been under legal fire since 2024, and the Department of Education recently announced a proposed settlement that would end it completely, pending final approval.

If your student loans are on SAVE, your loan servicer may move them to another plan as early as this year. Alternatively, you can move them to another plan yourself. This Federal Loan Simulator tool can help you compare your options.

Anyone who’s on PAYE, ICR, or SAVE and wants to stay on an income-driven repayment plan after July 1, 2028, will have two choices: the Income-Based Repayment plan or the Repayment Assistance Plan. Your payments will likely change on either plan, so review your options early to avoid surprises and adjust your budget.

Mark your calendar with these key student loan and FAFSA deadlines

Whether you’re applying to college or already managing student loans, there are several key dates to keep track of in 2026 and the coming years. Marking important dates on your calendar can help you stay on top of deadlines and adjust to any changes that may impact your borrowing limits or repayment plan options. Plan ahead so you can make informed decisions around financial aid and student loans.

This story was produced by College Ave and reviewed and distributed by Stacker.