Department of Education Releases RISE Final Rule, Further Analysis Forthcoming

On May 1, 2026, the U.S. Department of Education (ED) published the final rule for the Reimagining and Improving Student Education (RISE) Federal Student Loan Program, following negotiated rulemaking on the student aid provisions of the One Big Beautiful Bill Act. The rule maintains several key provisions, including eliminating Graduate PLUS loans (with qualifying grandfathering for current borrowers) and restricting eligibility for the highest federal borrowing caps ($50,000 annually, $200,000 total) to a narrow set of professional degree programs. It also introduces the Repayment Assistance Program and a Tiered Standard repayment plan.

ED has also released technical guidance through Federal Student Aid (FSA). An April 24, 2026, electronic announcement outlines updates to the National Student Loan Data System, including revised academic program codes tied to new borrowing limits and clarification of aggregate loan limits. Notably, PLUS loans for graduate and professional students will count toward the $257,500 lifetime aggregate limit. Once reached, borrowers are ineligible for additional Title IV loans—even if prior loans are repaid, forgiven or discharged. Borrowers who qualify for “grandfathering” may continue under current aggregate limits during the grandfathering period. However, once the grandfathering period ends, the new caps apply.

AACOM is reviewing the RISE final rule and associated ED guidance and the impact on the osteopathic medical education (OME) community. Further analysis is forthcoming. Visit AACOM’s Student Financial Aid Resources Webpage for more information.