College finance and legal teams are recalibrating around major changes to federal student lending announced under the Trump administration, with new loan caps and program sunsets already reshaping institutional risk models. At the National Association of College and University Business Officers (NACUBO) annual conference, leaders described shifting from long-range planning to a “defensive posture” as Congress and the Department of Education continue to adjust regulations. Panelists highlighted the sunsetting of Grad PLUS and lifetime caps on graduate and overall borrowing. American Council on Education President Ted Mitchell said institutions have already had to revisit policy priorities after multiple waves of disruption, including new restrictions tied to federal higher education policy changes. NACUBO Education Policy Director Bryan Dickson called the loan policy changes among the most impactful steps since the administration took office, with many colleges expecting negative consequences from narrower access to federal credit. A central complicating factor remains a legal dispute over what counts as a “professional” degree for loan-limit purposes—an issue that can determine whether students qualify for up to $200,000 in borrowing versus reduced caps for other graduate degrees.