Starting July 1, 2026, federal graduate loan financing will change in a fundamental way that affects Harvard. Students will no longer be able to borrow up to a school-defined cost of attendance through the Grad PLUS loan program. Instead, they’ll face hard caps: $50,000 per year for professional programs like law and medicine, and $20,500 for other graduate degrees.
That doesn’t automatically shrink Harvard’s applicant pool. The demand will still be there for Harvard and other top universities. The question is subtler: does financing become a quiet filter that screens applicants by family resources, credit history, or access to a cosigner?
If Harvard wants to preserve access to top talent, it will need to approach this moment with its academic mission front of mind — and communicate a plan early, before uncertainty starts reshaping who applies and who enrolls.
What prompted this change?
Congress is phasing out Grad PLUS after years of concern about the cost and scale of graduate borrowing. In 2023, the Department of Education’s Office of the Chief Economist projected graduate students would soon receive about half of all federal student-loan dollars issued annually, despite being just 21% of borrowers.
What this forces universities to do
Once federal borrowing is capped, graduate programs have a limited set of options:
Lower tuition (or slow tuition growth). This reduces students’ private financing hurdle, but a lower sticker price may force programs to scrutinize and cut costs, including around administrative staffing.
Hold tuition steady and let financing shift to private credit. This preserves revenue but makes financing less automatic as private loan approval and terms depend more on credit history and cosigners. That friction could screen out stellar Harvard applicants by their means, not their merit.
Increase institutional aid and backstops. Schools can cover more of the gap through grants, school-sponsored loans, or other supports, but the money has to come from somewhere — whether endowment payouts, fundraising, or cuts. Some states may also create their own backstops.
How Harvard can respond
So far, Harvard’s public posture has been mostly explanatory (FAQ pages, continuing to point students to its existing vetted list of private lenders). Helpful, but not enough. Hoping students don’t screen themselves out isn’t a strategy. The University should treat this like what it is: a pipeline risk that can be managed if Harvard moves early.
The University has the tools to do so. Harvard’s institutional clout and access to private loan markets give it the same kinds of advantages that peer schools are already starting to use. Yale’s School of Public Health says it will roll out an alternative loan option on “comparable, if not more competitive” terms; Penn is preparing third-party alternatives; and Duke is exploring options for students with limited credit history. Even if none have announced full plans, each has sent a signal. Silence from Harvard risks sending one too.
We’ve seen Harvard move quickly and communicate clearly when uncertainty threatens a student pipeline. When international enrollment was at risk this spring, Kennedy School Dean Jeremy Weinstein stepped up and swiftly built a contingency plan, partnering with the University of Toronto’s Munk School of Global Affairs and Public Policy for students who couldn’t come to campus. And HKS made sure students didn’t just have a plan; they heard it, understood it, and knew what to do next.
Harvard can’t make the loan caps disappear, but it can reduce uncertainty to maintain excellence in admissions. If Harvard brings the same urgency here that it has in past moments of pipeline risk — by publishing a clear financing framework, explaining it plainly, and doing so early enough that applicants can make decisions with confidence — it can minimize the risk that financing quietly reshapes who applies, and who walks away.
Ask 1636
Send us your Harvard and higher education questions!
Q: How has Harvard’s international enrollment been impacted this year?
As Bloomberg News reported this week, Harvard’s newly released 2025-26 Fact Book data suggests international enrollment was largely unchanged despite the federal government’s spring efforts to block Harvard from enrolling international students. International students made up 28% of Fall 2025 enrollment (6,749 students) — up by about 50 students, or less than 1 percentage point, from 2024. A few schools saw larger headcount moves (e.g., Public Health rose from 413 to 445, about an 8% increase), but across schools the international share of enrollment was broadly stable year over year (generally within +/- 2 to 3 percentage points of 2024).
Events
Virtual — January 14 from 5:30-6:30 p.m. PT: The Harvard Club of Seattle is hosting a conversation with Sarah Karmon, Associate Vice President and Executive Director of the Harvard Alumni Association, who will provide an update on current issues, challenges, and successes at Harvard. Register here.
Toronto, Canada — January 22 from 6:00-9:00 p.m. ET: Harvard Business School (HBS) and the HBS Club of Toronto are hosting an alumni gathering with Executive Dean for Administration Angela Crispi (MBA ‘90) and Executive Director of the MBA and Doctoral Programs and External Relations Jana Kierstead. Register here.
Virtual — January 26 from 7:00-8:00 p.m. ET: As part of Harvard’s Speakers Bureau Spotlight Series, hear from Computer Science professor of practice David Malan (AB ‘99, PhD ‘07) on how one of Harvard’s largest courses, Computer Science 50, has incorporated and is being impacted by AI. Register here.
San Francisco, California — January 28 from 6:00-8:00 p.m. PT: Join fellow Harvard College Social Studies concentration alumni in the Bay Area for talks from host of Bloomberg’s The Circuit Emily Chang (AB ‘02), Mayor of San Jose (AB ‘05) Matt Mahan, and 1636 Forum founder Sam Lessin (AB ‘05). Note: must be a Social Studies alum. Register here.
San Francisco, California — February 10 from 5:30-7:00 p.m. ET: HBS and the HBS Association of Northern California are hosting a reception for recent alumni (MBA ‘16-26) with members of HBS senior leadership. Register here.
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FYIs
FAS Dean of Science Jeff Lichtman Steps Down
On Wednesday, Faculty of Arts and Sciences (FAS) Dean Hopi Hoekstra announced that FAS Dean of Science Jeff Lichtman has stepped down from his post after less than two years.
Lichtman will remain a professor of Molecular and Cellular Biology and will serve in a new role as Hoekstra’s senior advisor in science. Earth and Planetary Sciences professor David Johnston will serve as interim dean of Science through the spring semester.
Hoekstra invited faculty input by February 15 on the search for Lichtman’s successor and whether the Division of Science should be split into separate life sciences and physical science divisions, which were merged in 2007.
HSPH Announces FXB Transition Plan Following Center’s Refocus
Jehane Sedky will remain FXB’s executive director and will report to Jorge Chavarro (dean of academic affairs) during the transition.
FXB will be guided by a faculty advisory committee, not an interim director as initially announced. The committee consists of Kennedy School professor Dara Cohen, School of Education professor Stephanie Jones, Harvard Medical School (HMS) and HSPH professor Kari Nadeau (MD/PhD ‘95), and HMS/HSPH professor Vikram Patel.
Bacarelli reiterated that former FXB director Mary Bassett will remain at HSPH as a professor of practice.
Harvard Kennedy School Appoints Inaugural Director of Belonging, Community, and Connection
Harvard Kennedy School (HKS) has named Ranya Brooks (EdM ‘18) as the first director of its newly restructured Office of Belonging, Community, and Connection (OBCC).
Brooks previously oversaw workforce engagement initiatives at Harvard Campus Services and supported professional development in Boston Public Schools.
Brooks’s role replaces the former HKS Associate Dean for Diversity, Inclusion and Belonging. HKS Dean Jeremy Weinstein said the OBCC will focus on “promoting belonging, fostering community, and facilitating connection” by ensuring “that people of all backgrounds, experiences, and perspectives have access to and can participate fully in what HKS has to offer.”
We spotlighted Brooks’s role in our December 2025 Big Idea, “Five Open Jobs at Harvard You’re Not Watching (But Should Be),” noting its potential to shape whether HKS fosters University values of open inquiry and constructive dialogue.
HAA Announces 2026 Overseers and Elected Directors Slates
The Harvard Alumni Association (HAA) announced its 2026 election slates of nine candidates for the University’s Board of Overseers and nine candidates for HAA elected directors, formally opening the alumni election cycle. The slates were chosen by HAA’s 13-person nominating committee.
Both elections are for six open seats; in the Overseers election, the sixth-place finisher will serve a two-year term to fill the remainder of a resigned member’s term.
Alumni may also self-nominate for the Board of Overseers through January 29 by submitting signatures from just over 1% of voters in the last Overseers election (roughly 400 signatures).
Voting opens April 1.
In Court, Ex-HBS Professor Alleges Faculty Review Process Skewed Tenure Outcome
On January 14, a judge in Massachusetts Superior Court heard summary judgment arguments in former Harvard Business School (HBS) associate professor Benjamin Edelman’s (AB ’02, AM ’02, JD ’05, PhD ’07) lawsuit challenging Harvard’s 2017 decision to deny him tenure.
Edelman’s tenure case followed public controversy in 2014, including a viral email he sent to a Chinese restaurant over a $4 overcharge.
Edelman alleges that after conduct concerns surfaced during his tenure bid, HBS’s Faculty Review Board (FRB) ran a review under its “Principles and Procedures” (P&P) — which he says were altered in connection with his case — but then failed to follow the P&P’s core protections (clear allegations, an evidentiary basis, and a meaningful chance to respond) while still relying on the review in denying him tenure.
Harvard counters that the document was non-binding guidance and that the HBS dean retains ultimate discretion over tenure decisions.
Edelman also alleges Harvard destroyed or failed to preserve evidence after litigation was foreseeable.
Edelman’s case comes amid broader scrutiny of HBS’s faculty investigation and adjudication processes following the Francesca Gino research misconduct case. Gino and her supporters, including Bill Ackman (AB ‘88, MBA ‘92) and HLS professor Larry Lessig, argue Harvard’s process constrained her defense, including by limiting her access to investigative reports and evidence. Gino also alleges that HBS didn’t preserve relevant data.
More News
More News at Harvard
New York Times: “Chinese Universities Surge in Global Rankings as U.S. Schools Slip”
Bloomberg: “College Diversity Drops Again as Trump Ramps Up Scrutiny”
Air Mail: “Blood and Soil at Harvard: Inside the far-right takeover of Harvard University’s Young Republican groups”
Institute of Politics: “Setti Warren Memorial Internship”
Law360: “Harvard Seeks 1st Circ. Backing For Student Visa Program”
Fortune: “Top University of Minnesota grads are ‘at least as good, maybe better’ than the best and brightest from Harvard, former Goldman Sachs CEO says” — feat. Harvard’s grade inflation issue
Chicago Tribune: “Editorial: Harvard’s president reminds academia it’s ‘not about the activism.’ Good for him.” — editorial by the Chicago Tribune Editorial Board
The Crimson: “Let Faculty Have Their Say” — op-ed by Adam Chiocco (AB ‘27)
More News Beyond Harvard
Wall Street Journal: “How the U.S. Is Tightening the Reins on Federal Student Loans”
Wall Street Journal: “House Committee Presses NYU, Columbia Over Epstein Ties”
Yale Daily News: “Suit disputing how Yale picks trustees could reach state Supreme Court”
Higher Ed Dive: “Senate advances bills rejecting Trump’s efforts to slash research funding”
Jewish Onliner: “Law Professors Warn Federal Court Ruling Enables Universities to Evade Antisemitism Accountability”
Bloomberg: “Plunging US Birth Rate Leaves Too Many Colleges With Too Few Kids”
Vanderbilt: “Vanderbilt University to establish full-time academic campus in San Francisco”
Bloomberg: “Vanderbilt’s West Palm Beach Campus Moves Forward With Backing From Billionaire Ross”
The Dartmouth: “Dartmouth Dialogues celebrates its two-year anniversary”
The Dartmouth: “Dartmouth Raises $30 Million to Offer Internships for All”
Stanford Report: “Justice Breyer urges students to stay engaged in democracy” — feat. Supreme Court Justice and HLS Professor Stephen Breyer (LLB ‘64)
Stanford Report: “Mariano-Florentino Cuéllar to return to Stanford” — feat. Harvard Corporation member Mariano-Florentino Cuéllar (AB ‘93)
NYU: “NYU and SUNY Forge Landmark Partnership to Launch Higher Education Design Lab”
UChicago Law: “Free Expression in Higher Education: A Q&A with Tom Ginsburg” — feat. UChicago Law School Professor Tom Ginsburg, faculty director of the Chicago Forum for Free Inquiry and Expression
Washington Post: “U-Va. board leaders resign as Spanberger and Democrats take power”
Washington Post: “America’s fragile future elite will meet the real world eventually” — editorial by the Washington Post Editorial Board
Washington Times: “Bigotry is thwarting scientific innovation” — op-ed by Kenneth Marcus, founder of the Brandeis Center
Stanford Daily: “Stanford needs more rigorous humanities” — op-ed by Stanford freshman Shiven Jain
Princetonians for Free Speech: “Does President Eisgruber Get Free Speech Right? Part I: What Eisgruber Gets Right” — by Tal Fortgang, Princeton alumn and Legal Policy Fellow at the Manhattan Institute
Feed Me: “How's the job hunt going for the class of 2026?” — by Emily Sundberg