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Student Loan Reform: New Caps and End of PLUS Loans for Graduate Students.

This law significantly changes how graduate and professional students can finance their education, effective July 1, 2024. The key change is the termination of the Federal Direct PLUS Loan program for these students, which currently allows borrowing up to the full cost of attendance. To compensate, annual and aggregate limits for Federal Direct Unsubsidized Stafford Loans are increased, introducing strict caps on federal borrowing for advanced degrees.
Key points
Federal Direct PLUS Loans for graduate and professional students will end on July 1, 2024, removing the option to borrow up to the full cost of attendance.
Annual Stafford Loan limits increase: up to $20,500 for graduate students and $40,500 for professional students.
New, fixed aggregate federal debt limits are established for graduate education (e.g., $65,000 for non-professional graduate students).
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Additional Information
Print number: 118_S_1968
Sponsor: Sen. Tuberville, Tommy [R-AL]
Process start date: 2023-06-14
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Graduate Opportunity and Affordable Loans Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1968.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-14.

What are the main provisions?

Key points include:

  • Federal Direct PLUS Loans for graduate and professional students will end on July 1, 2024, removing the option to borrow up to the full cost of attendance.
  • Annual Stafford Loan limits increase: up to $20,500 for graduate students and $40,500 for professional students.
  • New, fixed aggregate federal debt limits are established for graduate education (e.g., $65,000 for non-professional graduate students).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Tuberville, Tommy [R-AL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Education