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S 1968 118th Congress Senate Education Government lending and loan guarantees Higher education Student aid and college costs Vocational and technical education

Graduate Opportunity and Affordable Loans Act

Introduced: June 14, 2023 Introduced by: Tuberville, Tommy Republican · Alabama See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 14, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jun 14, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now June 14, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3