ORLANDO, Fla. — Nearly 71,000 students returned to the University of Central Florida today for the first day of fall classes, marking a massive start to the semester at the second-largest campus in the country. While the energy on campus was high with packed parking lots and nervous freshmen, many families are facing a new financial reality as they settle their bills.
Sweeping changes to federal student loans took full effect this summer, creating tighter restrictions on how much money students and parents can borrow. For the first time, Parent PLUS loans are capped at $20,000 per year. Additionally, new graduate students no longer have access to Grad PLUS loans, and all students now face a lifetime borrowing cap of approximately $60,000.
Freshman Isai Aponte is one of the thousands of students navigating these new rules. While his tuition is covered by a Bright Futures scholarship, he relies on federal loans to pay for his dormitory housing. Aponte said his father immediately noticed the difference in available funding compared to what his older sister received just a few years ago.
“Yeah, when I was applying for the loan, my dad talked about like the loans were like less compared to like my sister,” Aponte said. “She’s been going to college for three years now, so it was like less now.”
Aponte, an electrical engineering major, said he has mixed feelings about the changes. He acknowledges that limiting debt can protect young borrowers from taking on more than they can handle, but he worries it will hurt those who genuinely need the assistance to stay in school.
“I think it can harm people who need the money, but it also kind of puts like a financial restriction for us that we’re so young,” Aponte said. “You want to take about a bunch of money and then owe money in the future, and then you don’t know what to do.”
The impact of the caps is significant for students without full scholarships. Aponte noted that because he completed dual enrollment courses in high school, he entered UCF with advanced standing. If he had started as a traditional freshman, the new loan limits might not have been enough to cover his housing costs, leaving him with a substantial bill to pay out of pocket.
Financial aid officials at UCF are urging families to adjust their strategies. They recommend that students apply for every available scholarship first to reduce the amount of loans needed.
Families with questions about how the new federal caps affect their specific situation are encouraged to visit the financial aid office directly for guidance.
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