The rules for paying for college have changed—and families need to know what that means.
Beginning in 2026, new federal student loan limits changed how much graduate and professional students can borrow through the federal government. For decades, many students relied on federal loans to finance expensive degrees in medicine, law, nursing, and other professional fields. Now, those unlimited borrowing options are largely gone for new borrowers.
If you’re raising a future doctor, lawyer, nurse, pilot, physical therapist, or pharmacist, this doesn’t mean those careers are out of reach. It does mean your family should make financial decisions with more information and a clearer plan.
At It’s Not That Hard to Homeschool, we believe parents should evaluate return on investment (ROI) just as carefully as they evaluate academics.
Here are five questions every family should answer before signing for student loans.
1. What is the total cost of the degree—not just tuition?
One of the biggest mistakes families make is focusing only on tuition.
The true cost of college includes:
- Housing
- Books
- Lab and technology fees
- Flight hours (for pilots)
- Equipment
- Licensing exams
- Transportation
- Living expenses
A medical degree can exceed $400,000 at some private schools. Law school often exceeds $200,000. Flight training can add $100,000–$150,000 on top of college costs.
SEO Tip: Always compare the school’s published Cost of Attendance (COA) rather than tuition alone.
2. How much student loan debt do graduates actually have?
Don’t ask, “How much does the program cost?”
Ask:
“How much debt does the average graduate leave with?”
That number matters far more.
Many medical graduates leave school with more than $200,000 in loans. Some law graduates borrow well over $200,000. Student debt affects nearly every financial decision after graduation, from buying a home to starting a family.
Under the new federal loan caps, some students may also need private loans or additional family resources if their program costs exceed the new federal borrowing limits.
3. What do graduates really earn—and when?
Income matters.
But timing matters just as much.
Consider these examples:
- Doctors may eventually earn $250,000–$400,000+, but they often spend 3–7 years in residency earning much lower salaries while carrying significant student debt.
- Lawyers have some of the widest salary ranges of any profession. A small percentage earn very high salaries, while many begin closer to $60,000–$90,000.
- Advanced practice nurses often reach six-figure salaries with less schooling and, in many cases, lower debt.
- Pilots typically spend years building flight hours before qualifying for major-airline salaries.
A career with excellent long-term earnings can still create financial stress if debt payments begin years before the highest income arrives.
4. What percentage of students graduate, become licensed, and find jobs?
Every college advertises successful graduates.
Few advertise the students who never finish.
Ask every school:
- What percentage graduate?
- What percentage pass their licensing exam?
- What percentage obtain employment in the field?
- How long does it take graduates to secure full-time work?
A degree only creates value if it leads to a career.
5. Is there a lower-cost pathway to the same career?
This may be the smartest question of all.
Families today have more options than ever:
- Dual enrollment
- Community college transfer pathways
- CLEP exams
- Competency-based education
- Alternative college credit
- Homeschool dual-credit programs
- Online universities with generous transfer policies
Reducing undergraduate costs can preserve borrowing capacity for graduate or professional school while giving students more financial flexibility after graduation.
At It’s Not That Hard to Homeschool, we’ve watched countless homeschool students graduate with excellent educations—and far less debt—because their families planned strategically instead of simply following the traditional path.
The Bottom Line
The new federal student loan limits don’t mean students should abandon their dream of becoming doctors, lawyers, nurses, or pilots.
They do mean families should stop asking only:
“Can my child get accepted?”
Instead, ask:
- Can they graduate with manageable debt?
- Will their expected income support that debt?
- Is there a smarter pathway?
- What sacrifices will this debt require?
- Is this degree worth the investment?
Education should open doors—not close them with decades of financial obligations.
As homeschool parents, we have the freedom to think differently. That freedom allows us to design educational pathways that are academically excellent, financially wise, and aligned with our children’s long-term goals.
A degree is important. Financial freedom is important, too. The best plan is one that helps your child achieve both.
Frequently Asked Questions
Will the new student loan caps affect medical school?
Yes. New federal borrowing limits mean many medical students may need scholarships, savings, employer assistance, or private financing if program costs exceed federal loan limits.
Will law students still qualify for federal loans?
Yes, but new federal borrowing limits may not cover the full cost of attendance at many law schools.
Is becoming a pilot still worth it?
For many students, yes. However, families should understand the full cost of flight training and the several years often required to build enough flight hours to reach higher-paying airline positions.
Can homeschool students reduce college costs?
Absolutely. Dual enrollment, alternative college credit, CLEP, competency-based programs, and strategic transfer pathways can significantly reduce the overall cost of earning a degree while maintaining academic quality.
Lisa Nehring and her husband, Dr. David Nehring, a Clinical Psychologist, and Biblical Scholar speak together on a wide variety of topics, including education, classical education, vision, mission, parenting, marriage, and more.
