Bill > S1968

This bill, the Graduate Opportunity and Affordable Loans Act, aims 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. Specifically, it sets the annual loan limit for graduate students (who are not professional students) at $20,500 and for professional students at $40,500, starting July 1, 2024. It also sets the aggregate loan limit for graduate students at $65,000 and for professional students at $130,000, in addition to the amounts borrowed for undergraduate education. Additionally, the bill terminates the Federal Direct PLUS Loan program for graduate and professional students starting July 1, 2024, while allowing a phase-out period for students who received loans before that date. The bill also gives financial aid administrators at eligible institutions the discretion to prorate or limit the loan amounts for students in certain programs of study.

Health and Social Services

https://www.congress.gov/bill/118th-congress/senate-bill/1968/all-info