Sec. 212. Loan limits
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Section 455(a) ( 20 U.S.C. 1087e(a) ) is amended— in paragraph (3)— in subparagraph (A)(ii), by inserting before the period at the end the following: , except that for any period of instruction beginning on or after July 1, 2023, and subject to subparagraph (D), such maximum annual amount may not exceed $25,000 ; and by adding at the end the following: Subject to subparagraph (D), for any period of instruction beginning on or after July 1, 2023, the maximum aggregate amount of loans under this part that a graduate or professional student may borrow for enrollment in a program of graduate or professional education shall be $100,000.
The annual and aggregate limits described in subparagraphs (A)(ii) and
(C)for any period of instruction beginning on or after July 1, 2023, shall not apply to any student enrolled in a program of study as of June 30, 2023, or any loans made under this part to (or on behalf of) such student, during the period required for the completion of such program. . Section 455(a) ( 20 U.S.C. 1087e(a) ) is further amended by adding at the end the following: Notwithstanding any provision of this part or part B, and except as otherwise provided in subparagraph (B), for any period of instruction beginning on or after July 1, 2023, a graduate or professional student shall not be eligible to receive a Federal Direct PLUS Loan under this part for enrollment in a program of graduate or professional education. This paragraph shall not apply to any student enrolled in a program of study at an eligible institution as of June 30, 2023, or any loans made under this part to (or on behalf of) such student, during the period required for the completion of such program. . Section 455(a) ( 20 U.S.C. 1087e(a) ) is further amended by adding at the end the following: Notwithstanding any other provision of this subsection, an eligible institution (at the discretion of a financial aid administrator at the institution) may prorate or limit the amount of a loan any student (other than a student described in subparagraph (D)) who is enrolled in a program of study for a period of instruction beginning on or after July 1, 2023, at that institution, may borrow under this part for an academic year— if the institution can reasonably demonstrate that student debt levels are or would be excessive for such program, based on— the most recently available data from the Bureau of Labor Statistics for the average starting salary in the region in which the institution is located for typical occupations pursued by graduates of such program; or the most recently available data from the College Scorecard (or successor website) on— the median earnings of students who complete such program; and the median debt owed, and the repayment rate, on loans made under this part, of such students; in a case in which the student is enrolled on a less than full-time basis or the student is enrolled for less than the period of enrollment to which the annual loan limit applies under this subsection, based on the student’s enrollment status; based on the credential level (such as a degree, certificate, or other recognized educational credential) that the student would attain upon completion of such program; or based on the year of the program for which the student is seeking such loan. Any proration or limiting of loan amounts under subparagraph
(A)shall be applied in the same manner to all students enrolled in the institution or program of study. Upon the request of a student whose loan amount for an academic year has been prorated or limited under subparagraph (A), an eligible institution (at the discretion of the financial aid administrator at the institution) may increase such loan amount to an amount not exceeding the annual loan amount applicable to such student under this paragraph for such academic year if such student demonstrates special circumstances or exceptional need. This paragraph shall not apply to any student enrolled in a program of study at an eligible institution as of June 30, 2023, or any loans made under this part to (or on behalf of) such student, during the period required for the completion of such program. .
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U.S. Code