[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 308 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 308
To modify the annual and aggregate limits of Federal Unsubsidized
Stafford Loans for graduate and professional students, and to terminate
Federal Direct PLUS Loans for graduate and professional students, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 29, 2025
Mr. Tuberville (for himself and Mr. Cassidy) introduced the following
bill; which was read twice and referred to the Committee on Health,
Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To modify the annual and aggregate limits of Federal Unsubsidized
Stafford Loans for graduate and professional students, and to terminate
Federal Direct PLUS Loans for graduate and professional students, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Graduate Opportunity and Affordable
Loans Act''.
SEC. 2. LOAN REFORMS.
Section 455 of the Higher Education Act of 1965 (20 U.S.C.1087e) is
amended--
(1) in subsection (a)--
(A) in paragraph (3)(A)--
(i) in the matter preceding clause (i), by
striking ``part B'' and inserting ``part B--''
(ii) beginning in the matter preceding
clause (i), by striking ``for any period'' and
all that follows through ``professional
student'' and inserting the following:
``(i) for any period of instruction
beginning on or after July 1, 2012, a graduate
or professional student''; and
(iii) in clause (ii), by inserting ``for
any period of instruction beginning on July 1,
2012 and ending on June 30, 2025 (subject to
paragraph (4)(C)),'' before ``the maximum
annual''; and
(B) by adding at the end the following:
``(4) Graduate and professional annual and aggregate limits
for unsubsidized stafford loans beginning july 1, 2025.--
``(A) Annual limits beginning july 1, 2025.--
Subject to subparagraph (C), beginning on July 1, 2025,
the maximum annual amount of Federal Direct
Unsubsidized Stafford loans--
``(i) a graduate student, who is not a
professional student, may borrow in any
academic year (as defined in section 481(a)(2))
or its equivalent shall be $20,500; and
``(ii) a professional student may borrow in
any academic year (as defined in section
481(a)(2)) or its equivalent shall be $40,500.
``(B) Aggregate limits beginning july 1, 2025.--
Subject to subparagraph (C), beginning on July 1, 2025,
the maximum aggregate amount of Federal Direct
Unsubsidized Stafford loans--
``(i) a graduate student, who is not a
professional student, may borrow is $65,000, in
addition to the amount borrowed for
undergraduate education; and
``(ii) a professional student may borrow is
$130,000, in addition to the amount borrowed
for undergraduate education.
``(C) Phase out provisions.--Notwithstanding the
date of the applicability of the limits set forth in
this paragraph, an eligible graduate student, including
a professional student, who received a disbursement of
a Federal Direct Unsubsidized Stafford loan after June
30, 2024, and before July 1, 2025, for the 2024-2025
award year, may receive a Federal Direct Unsubsidized
Stafford loan for the 2025-2026 award year in amounts
that are subject to the annual and aggregate loan
limits applicable prior to July 1, 2025, if the
borrower did not graduate prior to the 2025-2026 award
year.
``(D) Definitions.--In this paragraph:
``(i) Graduate student.--The term `graduate
student' means a student enrolled in a program
at the postbaccalaureate level, such as a
postbaccalaureate certificate, a master's
degree, or a doctor's degree.
``(ii) Professional student.--The term
`professional student' means a student enrolled
in a doctor's degree-professional practice
program.
``(iii) Postbaccalaureate certificate;
master's degree; doctor's degree; doctor's
degree professional-practice.--The terms
`postbaccalaureate certificate', `master's
degree', `doctor's degree', and `doctor's
degree professional-practice' shall have the
meaning provided in the 2022-2023 glossary of
the Integrated Postsecondary Education Data
System (OMB NO. 1859-0582 v. 30).
``(5) Termination of authority to make federal direct plus
loans to graduate and professional students.--
``(A) In general.--Notwithstanding any other
provision of law, for any period of instruction
beginning on or after July 1, 2025, a graduate student
(including a professional student) shall not be
eligible to receive a Federal Direct PLUS Loan under
this part for enrollment in a program of graduate or
doctor's degree professional-practice education.
``(B) Phase out provisions.--Not later than 30 days
after the date of enactment of the Graduate Opportunity
and Affordable Loans Act, each institution of higher
education that enrolls graduate students or
professional students shall notify prospective and
enrolled graduate students and professional students
that the Federal Direct PLUS Loan program will end for
graduate students and professional students on June 30,
2025.
``(C) Definitions.--The definitions in paragraph
(4)(D) shall apply to this paragraph.
``(6) Institutionally-determined limits.--Notwithstanding
any other provision of this part, an eligible institution (at
the discretion of a financial aid administrator at the
institution) may prorate or limit the amount of a loan a
student who is enrolled in a program of study at that
institution for a period of instruction beginning on or after
July 1, 2025, may borrow under this part for an academic year,
as long as any proration or limit is applied consistently to
all borrowers entering such program of study.''.
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