Graduate Opportunity and Affordable Loans Act
- Last Action
- 6/14/2023
Actions
- 2023-06-14Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 2023-06-14Introduced in Senate
CRS Summary
As of 2023-06-14 (00)
Graduate Opportunity and Affordable Loans Act
This bill limits federal student loan borrowing for graduate and professional students.
Specifically, the bill terminates the ability of a graduate or professional student to receive a Direct PLUS Loan. Institutions of higher education (IHEs) must notify their prospective and enrolled graduate and professional students that Direct PLUS Loans terminate on June 30, 2024.
Additionally, the bill establishes the aggregate loan limit for Direct Unsubsidized Loans as $65,000 for a graduate student (in addition to the amount borrowed for undergraduate education) and $130,000 for a professional student (in addition to the amount borrowed for undergraduate education).
The bill allows IHEs to set lower loan limits.
Cosponsors (3)
- Bill Cassidy (R-LA)
- Ted Budd (R-NC)
- John Cornyn (R-TX)
Subjects
- Government lending and loan guarantees
- Higher education
- Student aid and college costs
- Vocational and technical education
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.