A bill to modify the annual and aggregate limits of Federal Unsubsidized Stafford Loans for graduate and professional students, and to terminate Federal Direct PLUS Loans for graduate and professional students, and for other purposes.
Graduate Opportunity and Affordable Loans Act
This bill limits federal student loan borrowing for graduate and professional students.
Specifically, the bill terminates the ability of a graduate or professional student to receive a Direct PLUS Loan. Institutions of higher education (IHEs) must notify their prospective and enrolled graduate and professional students that Direct PLUS Loans terminate on June 30, 2025.
Additionally, the bill establishes the aggregate loan limit for Direct Unsubsidized Loans as $65,000 for a graduate student (in addition to the amount borrowed for undergraduate education) and $130,000 for a professional student (in addition to the amount borrowed for undergraduate education).
The bill allows IHEs to set lower loan limits.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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