Federal Student Loan Program Implements New Caps for Graduate and Professional Students

Significant changes to federal student loans have taken effect, introducing new annual and lifetime borrowing limits for graduate and professional students. This includes a cap of $20,500 per year for new graduate students and $50,000 per year for new professional students, replacing previous, more generous cost-of-attendance limits. The definition of a professional program is also under review, potentially complicating financial planning for prospective students.