What is the 'five-year rule' in relation to federal loan eligibility for graduate studies?

The 'five-year rule' refers specifically to the maximum duration for which graduate students may receive federal loans under certain conditions, particularly in the context of Direct Loans. This rule is often associated with the eligibility for federal financial assistance programs, where the focus is on the timeframe within which students should complete their graduate studies.

In general, federal guidelines stipulate that graduate students can access federal loan funds for a limited number of years, specifically tied to the typical duration of their program. If a student has not completed their degree within this five-year timeframe, they may become ineligible for further federal loan assistance. This rule underscores the importance of timely progression through graduate programs to ensure that students are both making progress and are adequately funded to complete their studies.

This context helps clarify the nuances of loan eligibility for graduate students and how the five-year threshold is applied in the determination of funding options.