This article is for informational purposes only and does not constitute financial advice. Data sourced from official university Cost of Attendance publications and federal legislation (Public Law 119-21, Title VIII, Sec. 81001).
By The PASchoolLoans Data Team | Updated March 2026
Starting July 1, 2026, PA students can borrow a maximum of $20,500 per year in federal Direct Unsubsidized Stafford loans under the OBBBA (Public Law 119-21). Grad PLUS loans, which previously covered the full Cost of Attendance, have been eliminated. With the median PA program costing $60,062 per year, that leaves an annual funding gap of $39,562 that every PA student must now close on their own.
What changed on July 1, 2026?
The One Big Beautiful Bill Act (OBBBA), signed into law as Public Law 119-21, ended the federal Grad PLUS loan program entirely. Before this change, PA students could borrow federal loans up to their school's full Cost of Attendance. If your program cost $90,000 per year, the federal government would lend you $90,000 per year.
That safety net is gone.
Federal borrowing for graduate students is now capped at $20,500 per year in Direct Unsubsidized Stafford loans. The law also sets an aggregate limit of $100,000 for graduate-level borrowing and a combined undergraduate/graduate lifetime cap of $257,500.
These limits apply to all 177 PA programs in our dataset. Every single one of them now costs more than federal loans will cover. Not most. Not 95%. All 177 programs, across all 137 institutions, carry a funding gap.
For context, this isn't unique to PA education. Across all graduate and professional programs nationwide, 95.2% of 7,191 programs now exceed the federal cap. But PA students face a particularly acute version of the problem because of how their degrees are classified.
How much can PA students borrow in federal loans?
Here are the three federal borrowing limits that now govern PA student loans:
- Annual limit: $20,500 in Direct Unsubsidized Stafford loans
- Graduate aggregate limit: $100,000 (includes any Stafford loans from undergraduate study)
- Lifetime limit: $257,500 (combined undergraduate and graduate)
The annual cap of $20,500 applies regardless of your program's Cost of Attendance. Whether you attend a program that costs $40,000 per year or $117,000 per year, the federal government will lend you the same amount.
One detail that matters enormously: PA programs are classified as graduate, not professional, degrees. Medical students (MD/DO) receive a higher annual cap of $50,000 and a $200,000 aggregate limit because their programs carry a professional classification. PA students do not get this treatment, despite program costs that increasingly rival medical school tuition. For a deeper look at why PA is capped at $20,500, see our classification explainer.
The average annual Cost of Attendance across 177 PA programs is $62,342. The average federal loan covers just 32.9% of that figure. You are responsible for the rest.
What is the annual funding gap for PA programs?
The median PA program creates a $39,562 annual funding gap. But that median masks enormous variation. At the most expensive programs, the gap exceeds $96,000 per year.
Here are the 20 PA programs with the largest annual funding gaps:
| Institution | Degree | Annual COA | Tuition | Annual Gap |
|---|---|---|---|---|
| Chamberlain University-Illinois | MPAS | $117,000 | $102,000 | $96,500 |
| University of California-Davis | MHS | $108,650 | $75,747 | $88,150 |
| Tufts University | MPA | $105,969 | $60,881 | $85,469 |
| Franklin Pierce University | MPAS | $103,920 | $55,120 | $83,420 |
| Loma Linda University | MPA | $103,271 | $74,015 | $82,771 |
| University of Southern California | MPAP | $103,098 | $73,260 | $82,598 |
| Marquette University | PA | $101,120 | $76,608 | $80,620 |
| South University-Tampa | MS | $100,332 | $58,525 | $79,832 |
| Midwestern University-Glendale | MMS | $99,998 | $67,433 | $79,498 |
| University of California-San Diego | MAS | $98,933 | $59,286 | $78,433 |
| Hofstra University | PA | $98,532 | $69,520 | $78,032 |
| Thiel College | MS-PAS | $97,420 | $59,188 | $76,920 |
| Elon University | MS | $96,259 | $63,464 | $75,759 |
| Univ. of South Florida (OOS) | MPAS | $96,159 | $67,579 | $75,659 |
| Pacific University | MS | $92,428 | $67,916 | $71,928 |
| University of New Haven | MMS | $91,839 | $61,152 | $71,339 |
| Baylor University | MPAS | $91,025 | $69,999 | $70,525 |
| Northwestern University | MMS | $90,378 | $57,231 | $69,878 |
| Wake Forest University | MMS | $89,892 | $47,363 | $69,392 |
| AdventHealth University | MSPA | $89,291 | $36,481 | $68,791 |
Look at that top entry. Chamberlain University-Illinois charges $102,000 in tuition alone. The federal government will lend you $20,500. You need to find $96,500 from other sources. Every year.
Notice that the gap is driven by more than just tuition. Franklin Pierce University's tuition ($55,120) is relatively moderate for this list, but $47,600 in living expenses pushes its annual COA to nearly $104,000. Living costs are a significant factor, and they are not optional during a full-time, clinically intensive PA program.
📊 Your Funding Gap These are averages. Your gap depends on your school and residency status. Calculate your exact PA funding gap. Calculate Your Gap →
How does the $100,000 aggregate limit work?
The annual cap tells one part of the story. The aggregate limit tells the rest.
Federal law now caps total graduate-level Stafford borrowing at $100,000. This includes any Stafford loans you took out as an undergraduate. If you borrowed $30,000 during college, your remaining graduate Stafford capacity is $70,000, not $100,000.
At $20,500 per year, reaching the $100,000 aggregate ceiling takes roughly 4.9 years. Most PA programs run approximately 27 months (about 2.25 years), so the aggregate limit is unlikely to bind for a typical student attending a single program. But if you pursued another graduate degree before PA school, or if your program runs longer than average, the ceiling becomes relevant.
The lifetime combined limit of $257,500 (undergraduate plus graduate) provides an outer boundary. For a student who maxed out undergraduate Stafford loans at $31,000 and then borrows $20,500 per year through a 2.5-year PA program, total federal debt would be roughly $82,250. Nowhere close to the lifetime cap, but also nowhere close to covering your costs.
Here is how total program costs stack up against the $100,000 aggregate limit for the most expensive PA programs:
| Institution | Program Length | Total Cost | Max Federal Loans* | Total Gap |
|---|---|---|---|---|
| Franklin Pierce University | 3.0 yrs | $311,760 | $61,500 | $250,260 |
| University of Southern California | 3.0 yrs | $309,294 | $61,500 | $247,794 |
| University of California-San Diego | 3.0 yrs | $296,798 | $61,500 | $235,298 |
| New York Institute of Technology | 5.4 yrs | $295,661 | $100,000 | $184,961 |
| Pacific University | 3.0 yrs | $277,284 | $61,500 | $215,784 |
| Baylor College of Medicine | 3.0 yrs | $265,734 | $61,500 | $204,234 |
| Mercy University | 5.0 yrs | $256,790 | $100,000 | $154,290 |
| High Point University | 3.0 yrs | $255,861 | $61,500 | $194,361 |
| Mississippi State Univ. (Non-Res) | 3.0 yrs | $254,787 | $61,500 | $193,287 |
| Franklin College | 6.2 yrs | $250,907 | $100,000 | $123,807 |
| University of California-Davis | 2.25 yrs | $244,462 | $46,125 | $198,337 |
| Marquette University | 2.33 yrs | $235,610 | $47,765 | $187,845 |
| Chamberlain University-Illinois | 2.0 yrs | $234,000 | $41,000 | $193,000 |
*Max Federal Loans = $20,500 × program years, capped at $100,000 aggregate.
The total gap column is staggering. Franklin Pierce University PA students face a total funding shortfall of $250,260 over the life of their program. Even a student at the median PA program (total cost of $134,557) will need to find roughly $88,432 beyond what federal loans provide.
For reference, the least expensive PA program in the dataset carries a total cost of $48,063. Even that program generates a gap, since $20,500 per year across its duration still falls short.
What are your options for covering the gap?
With 100% of PA programs carrying a funding gap, you have five realistic paths to fill it. Most students will use a combination.
1. Private student loans. This is the most common replacement for Grad PLUS. Private lenders will likely expand their graduate loan products to meet demand. The tradeoff: private loans lack income-driven repayment plans and Public Service Loan Forgiveness eligibility. Interest rates vary by creditworthiness, and many students will need a cosigner.
2. Institutional aid and scholarships. Some PA programs offer merit scholarships, need-based grants, or assistantships. These vary wildly by school. Ask your financial aid office directly what institutional funds are available, and whether the program has increased its aid budget in response to the Grad PLUS elimination.
3. Employer sponsorship and service commitments. The National Health Service Corps (NHSC) and some state-level programs offer loan repayment in exchange for service in underserved areas. Military branches offer the Health Professions Scholarship Program (HPSP). These don't reduce upfront costs during school, but they can dramatically reduce your effective debt burden after graduation.
4. Personal savings and family contributions. The 27-month PA program timeline makes it difficult to work during school, especially during clinical rotations. If you're planning ahead, building savings before enrollment is one of the most efficient ways to reduce your borrowing.
5. Choosing a lower-cost program. The data shows total program costs ranging from $48,063 to $311,760. That is a $263,697 difference. School selection is now a financial decision with six-figure consequences. In-state public programs typically offer the lowest Cost of Attendance, though residency requirements and seat availability limit this option.
The salary outlook for PAs softens the long-term picture. Starting salaries average approximately $125,000, and the Bureau of Labor Statistics projects strong job growth for the profession. The return on investment remains solid. But the challenge is concentrated in the 2-3 years of school when you need cash and the federal government is lending you less than a third of what you owe.
📊 Your Funding Gap You've seen the data. Now see YOUR data. Open the Physician Assistant Gap Calculator. Calculate Your Gap →
How does the PA funding gap compare to other fields?
The PA vertical ranks #2 out of 9 professional and graduate fields by percentage of programs with a funding gap (100%). Across all 7,191 graduate and professional programs nationally, 95.2% have a gap. Here is how every field stacks up:
| Field | Programs | Schools | % With Gap | Median Annual COA | Median Annual Gap | Federal Cap |
|---|---|---|---|---|---|---|
| DPT | 206 | 151 | 100% | $52,095 | $31,595 | $20,500 (Graduate) |
| PA ← | 177 | 137 | 100% | $60,062 | $39,562 | $20,500 (Graduate) |
| CRNA & Nursing | 693 | 400 | 99.4% | $42,081 | $21,696 | $20,500 (Graduate) |
| MBA | 908 | 667 | 99.4% | $38,241 | $17,750 | $20,500 (Graduate) |
| Dental | 114 | 59 | 98.2% | $100,404 | $50,576 | $50,000 (Professional) |
| Graduate | 4,202 | 1,709 | 95.4% | $37,886 | $18,246 | $20,500 (Graduate) |
| Medical | 453 | 237 | 86.3% | $72,948 | $29,180 | $50,000 (Professional) |
| Law | 393 | 189 | 82.4% | $66,097 | $29,970 | $50,000 (Professional) |
| Veterinary | 45 | 24 | 82.2% | $70,424 | $25,753 | $50,000 (Professional) |
PA programs share DPT's distinction: 100% gap rate. Zero programs are fully covered by federal loans. Across 137 schools and 177 programs, every single one exceeds the $20,500 cap. The median annual gap of $39,562 is the second-largest of any Graduate-classified field. PA students earn approximately $125,000 starting, but the $20,500 cap — identical to what a library science student receives — covers only a third of the median program cost. Reclassification lobbying is active, with organizations pushing to add PA to the Professional list.
Zero PA programs fully covered by federal loans
Not a single one of the 177 PA programs in our dataset has annual costs at or below the federal cap. Every program produces a funding gap. The cheapest programs in the field still cost more than what federal loans provide:
| Institution | Program | Degree | Annual COA | Annual Gap |
|---|---|---|---|---|
| The University of Texas Health Science Center at San Antonio | Physician Assistant (PA) | MPA | $48,063 | $27,563 |
| Marietta College | Physician Assistant (PA) | MPA | $27,312 | $6,812 |
| University of Saint Joseph | Physician Assistant (PA) | PA | $33,692 | $13,192 |
| University of Texas Southwestern Medical Center | Physician Assistant (PA) | PA | $34,509 | $14,009 |
| Emory & Henry University | Physician Assistant (PA) | PA | $34,512 | $14,012 |
| Des Moines University-Osteopathic Medical Center | Physician Assistant (PA) | PA | $34,812 | $14,312 |
📊 Your Funding Gap See how your PA program compares to 177 others in the field. Find your school's exact gap. Calculate Your Gap →
Frequently Asked Questions
Can PA students still get Grad PLUS loans in 2026?
No. The OBBBA legislation (Public Law 119-21, Title VIII, Sec. 81001) eliminated the Grad PLUS loan program entirely, effective July 1, 2026. PA students are limited to $20,500 per year in Direct Unsubsidized Stafford loans. There is no federal loan option that covers the remaining Cost of Attendance.
Is the $20,500 cap per year or per semester?
The $20,500 limit is per academic year, not per semester. Your school's financial aid office will typically disburse it across the semesters or terms within that academic year. For a program on a semester system, that is $10,250 per semester. For trimester programs, it splits into roughly $6,833 per term.
Does the cap apply to students already enrolled?
Yes. The $20,500 annual cap and the elimination of Grad PLUS loans apply to all disbursements made on or after July 1, 2026, regardless of when you enrolled. If you started PA school in 2025 and borrowed Grad PLUS loans for your first year, those existing loans remain in place, but you cannot take out new Grad PLUS loans for your remaining terms. Students already enrolled may qualify for a temporary exemption — see our guide to PA grandfathering and transfer rules.
What happens if I need more than $20,500 per year?
You will need to secure funding from non-federal sources. Private student loans are the most direct replacement, though they come with different terms, rates, and repayment protections than federal loans. Institutional scholarships, personal savings, and employer-sponsored programs are other options. Use our calculator to see your exact gap based on your specific program and residency status.
Are the loan limits indexed to inflation?
No. The $20,500 annual cap is a fixed dollar amount set by statute. It does not automatically adjust for inflation or rising tuition. Any change to the limit would require new legislation from Congress. The graduate Stafford limit has been $20,500 since 2012, and it remained unchanged through the OBBBA. As PA program costs continue to rise, the gap will grow wider each year unless Congress acts.