Graduate Opportunity and Affordable Loans Act

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 reduces the aggregate loan limits for Direct Unsubsidized Loans. In particular, the bill establishes the aggregate loan limit as $65,000 for a graduate student (down from $138,500) and $130,000 for a professional student (down from $138,500).

The bill allows IHEs to set lower loan limits.

The Graduate Opportunity and Affordable Loans Act, also known as Bill 118 s 1968, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide increased access to affordable loans for graduate students pursuing higher education.

Under this act, the government would establish a new loan program specifically for graduate students, offering lower interest rates and more flexible repayment options than traditional private loans. This would help alleviate the financial burden that many graduate students face when trying to finance their education.

Additionally, the bill includes provisions to simplify the application process for these loans and increase transparency around loan terms and conditions. This is aimed at making it easier for students to understand their financial obligations and make informed decisions about their education financing. Overall, the Graduate Opportunity and Affordable Loans Act seeks to make higher education more accessible and affordable for graduate students, ultimately helping to increase the number of individuals pursuing advanced degrees and contributing to a more educated workforce in the United States.