Federal Student Loan Program Changes (July 1)
Key Questions
What federal student loan program changes take effect July 1?
Key changes include elimination of the Grad PLUS program for new borrowers along with new annual and aggregate borrowing limits. The updates also involve a shift to a single repayment assistance plan.
How will the new limits impact graduate students?
Graduate students face an annual limit of $20,500 and an aggregate limit of $100,000. Part-time enrollees and those relying on Grad PLUS loans need to act before the July 1 deadline.
Are there additional provisions in the student loan updates?
Yes, the changes include a bipartisan refinancing bill and transition to a single RAP repayment plan alongside the borrowing limit adjustments.
Grad PLUS loan elimination and new borrowing limits take effect July 1. Directly impacts graduate students and part-time enrollees' finances. Borrowers need to act before deadline. Also includes shift to single RAP plan and bipartisan refinancing bill.