Trump's tax and spending bill signed into law on July 4 introduces significant changes to student loan borrowing for graduate and professional students. The bill eliminates the Grad PLUS loan program and caps borrowing limits, which are $20,500 per year and $100,000 lifetime for graduate students, and $50,000 per year and $200,000 lifetime for professional students. These caps could hinder students from covering the high costs of medical and law schools, which can exceed $390,000 and $217,000 respectively for their programs.
Trump's signature on the tax and spending bill introduces changes that significantly impact student loans, particularly by capping borrowing for graduate and professional education.
With the elimination of the Grad PLUS program and new loan caps, many students face obstacles in financing their advanced education, especially in fields like medicine and law.
Specifically, caps are placed at $20,500 annually for graduate students and $50,000 annually for professional students, limiting their lifetime borrowing potential.
The rising costs of medical and law schools underscore the challenge, as the median cost for a medical degree can exceed $390,000, while law school can go over $217,000.
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