Education Department Implements New Caps on Graduate Student Loans and Eliminates Grad PLUS Program

The U.S. Department of Education has finalized new annual and total borrowing limits for graduate and professional students, while also eliminating the Grad PLUS loan program. Under the new rules, PhD and master's students will be capped at $20,500 annually and $100,000 in total, while professional students in fields like medicine and law will be capped at $50,000 annually and $200,000 in total. Critics warn these changes could deter low-income students and exacerbate workforce shortages.