Bill > S308

This bill modifies federal student loan programs for graduate and professional students, introducing significant changes to loan limits and availability starting July 1, 2025. Specifically, the bill sets new annual and aggregate borrowing limits for Federal Direct Unsubsidized Stafford Loans: graduate students (non-professional) can borrow up to $20,500 annually and $65,000 in total, while professional students can borrow up to $40,500 annually and $130,000 in total, in addition to any undergraduate loans. Most notably, the bill completely terminates Federal Direct PLUS Loans for graduate and professional students beginning July 1, 2025, effectively eliminating that loan option for graduate-level education. The bill includes phase-out provisions to ensure students currently in programs can complete their education without immediate disruption, and allows higher education institutions to proactively determine loan limits for their students. The legislation defines graduate and professional students based on the 2022-2023 Integrated Postsecondary Education Data System glossary, ensuring clear categorization of student types. Institutions are required to notify current and prospective students about the upcoming changes to graduate student loan programs within 30 days of the bill's enactment.