Sec. 2. PLUS Loan Reforms
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Section 455(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(a) ) is amended by adding at the end the following: Notwithstanding any provision of this part or part B, for any period of instruction beginning on or after July 1, 2023, a graduate or professional student (except for a covered healthcare student) shall not be eligible to receive a Federal Direct PLUS Loan under this part for the student's graduate or professional studies. Notwithstanding any provision of this part or part B, for any period of instruction beginning on or after July 1, 2023 and for any parent borrower of a Federal Direct PLUS loan or any covered healthcare student— the maximum annual amount of any Federal Direct PLUS Loan shall not exceed $10,000; and the maximum aggregate lifetime amount of any Federal Direct PLUS Loans shall not exceed $40,000.
In this paragraph, the term covered healthcare student means— a student who is in a course of study to— become a Doctor of Allopathic Medicine, Doctor of Osteopathic Medicine, Doctor of Dentistry, Doctor of Optometry, Doctor of Podiatric Medicine, Doctor of Naturopathic Medicine, Doctor of Naturopathy, Doctor of Veterinary Medicine, Doctor of Pharmacy, or Doctor of Chiropractic; or earn a doctoral degree in clinical psychology or a masters or doctoral degree in health administration; and a student who is in a course of study to become a nurse who will have the same scope of practice as a doctor or degree program described in clause (i). .
By not later than 3 years after the date of enactment of this Act, the Secretary of Education shall submit a report to Congress offering recommendations on other critical STEM-based professions with a high return on investment for which graduate and professional students should be allowed to access Federal Direct PLUS Loans under part D of title IV of the Higher Education Act of 1965 (20 U.S.C.1087a et seq.) for their graduate and professional studies. In carrying out paragraph (1), the Secretary shall consider— how expanding Federal Direct PLUS Loans to graduate and professional students as described in paragraph
(1)would benefit low-income students; and how Congress could index the maximum amount of Federal Direct PLUS Loans for each graduate or professional student borrower to the median earnings for graduates of the borrower's program of study at the borrower's institution of higher education, or the borrower's program of study at a peer institution of higher education. In this subsection, the term STEM-based means based in science, technology, engineering, or mathematics.
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