Education Department Finalizes New Graduate Loan Caps, Limits Access to Certain Programs
The Education Department has finalized regulations that establish new loan limits for postbaccalaureate degrees, maintaining a limited definition of 'professional' programs. This decision allows only 11 specific degree programs, such as pharmacy, dentistry, and law, to access the highest federal loan amounts of $50,000 per year and $200,000 in total. Other programs are categorized as 'graduate,' with access limited to $20,500 per year or $100,000 in total. This move follows President Trump's signing of the loan caps into law last summer, with the department crafting detailed regulations since then. Despite significant public pushback, the department argues that their approach provides a clearer boundary than other suggested methods.