President Trump's Education Department Finalizes Student Loan Repayment Overhaul with New Caps
President Donald Trump's Department of Education has announced the finalization of a significant overhaul to the student loan repayment system, set to take effect on July 1. The new rules introduce borrowing caps for graduate and professional students, with a lifetime cap of $100,000 for graduate students and $200,000 for professional students. The definition of 'professional' has been narrowed to include only 11 programs, such as law, medicine, and dentistry, excluding others like postgraduate nursing. Additionally, the Parent PLUS loans will now have a cap of $20,000 annually. The overhaul also includes the introduction of a new Repayment Assistance Plan (RAP), which will replace existing income-driven repayment plans, including the SAVE plan. RAP will waive unpaid interest and set a minimum monthly payment of $10, potentially increasing monthly payments for borrowers. 
