"The latter topic was a central focus of negotiations. The department proposed eliminating the Grad PLUS loan program, which allows graduate and professional students to borrow up to the full cost of attendance. In addition, the department wants to implement new borrowing caps: for graduate students, $20,500 a year and $100,000 over a lifetime; and for professional students, $50,000 a year and $200,000 over a lifetime."
"In addition to the caps, the department wrote in its draft text that the higher cap for professional degrees will be limited to 10 programs: pharmacy, dentistry, veterinary medicine, chiropractic, law, medicine, optometry, osteopathic medicine, podiatry, and theology. Clare McCann, managing director of policy and operations at American University's Postsecondary Education and Economic Research Center, told Business Insider that the list of programs is based on a current, "non-exhaustive," definition of a professional degree."
The Education Department completed an initial week of negotiations on proposed changes to student-loan repayment, including new income-driven repayment plans and borrowing caps. The proposal would eliminate the Grad PLUS loan program and set borrowing limits: $20,500 per year and $100,000 lifetime for graduate students, and $50,000 per year and $200,000 lifetime for professional students. The higher professional cap would apply only to ten specified programs: pharmacy, dentistry, veterinary medicine, chiropractic, law, medicine, optometry, osteopathic medicine, podiatry, and theology. The program list is described as based on a current "non-exhaustive" definition of professional degrees, and negotiators expressed concern that a narrow definition could exclude students from aid.
Read at Business Insider
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