When Federal Aid Runs Low on Refills

 If you are planning to start a Doctor of Pharmacy program in 2026 or later, the way students pay for school is about to change. Federal loans that once covered most PharmD costs will no longer stretch as far for many students. 

Pharmacy school is still accessible, but the margin for error is smaller. Earlier planning matters more than it used to. 

This article explains what is changing, why it matters specifically for PharmD students, and how to prepare without unnecessary stress. 

Beginning July 1, 2026, federal Graduate PLUS loans for new borrowers are eliminated. These loans previously allowed pharmacy students to borrow up to the full cost of attendance, including tuition and living expenses. Under the new rules, federal borrowing for graduate and professional students is capped at $50,000 per year, $200,000 total for a degree program, and $257,500 lifetime, including undergraduate loans and other graduate borrowing. 

For many PharmD programs, total costs including tuition, fees, exams, and living expenses can approach or exceed these new caps, especially for private or out-of-state programs. The bottom line is that federal loans may no longer cover the full bill. 

Pharmacy school costs are not dropping, but federal loan coverage is. That gap may need to be filled through a mix of scholarships or institutional aid, savings or family support, and private student loans. Private loans are not automatically a problem, but they operate very differently from federal loans and require more preparation. 

Federal loans are standardized, while private loans are not. Private student loans typically rely on credit-based underwriting, often require a cosigner, offer rates that vary based on credit profile and timing, and do not qualify for income-driven repayment or Public 

Service Loan Forgiveness. Lenders evaluate credit history and overall risk rather than enrollment status alone. Pharmacy students often benefit from relatively low attrition rates and strong long-term income prospects, but preparation still matters. 

Several common misconceptions can create unnecessary stress or higher costs. Waiting until acceptance to think about financing can limit options. Assuming federal loans will still cover everything may not be accurate after 2026. Treating all private loans as interchangeable ignores meaningful differences in rates and terms. 

You do not need to become a finance expert to prepare. Building or maintaining credit, paying bills on time, keeping balances low, avoiding unnecessary credit applications, identifying potential cosigners early, mapping each school’s cost of attendance against the new federal caps, and applying broadly for scholarships can all make a meaningful difference. Knowing your potential funding gap before enrollment helps you plan rather than react. 

Debt affects more than monthly payments. Research on pharmacy students suggests that perceived debt pressure can influence early career decisions, including where graduates work and how much flexibility they have after graduation. The goal is not to avoid borrowing entirely, but to borrow intentionally so debt supports your career rather than steering it. 

How Juno Can Help
Juno helps by acting as a group negotiating platform that works with lenders to secure lower rates and expanded eligibility criteria for private student loans. There is no cost or obligation to borrow. By joining the PharmD negotiation group, students can help increase collective leverage and will be notified when rates for the 2026–2027 academic year are available, with the ability to check rates without impacting their credit score.