Higher education financing is confronting new federal limits that could reshape enrollment and program design for graduate students. Proposed graduate loan caps under federal rule‑making are prompting alarm among students and institutions about access to master’s and professional degrees. Simultaneously, law schools face an immediate borrowing constraint: new federal annual borrowing caps could force many applicants to seek alternative financing or private loans, prompting schools like Santa Clara University School of Law to guarantee scholarships to stay within limits. Department of Education discussions on salary‑threshold accountability and loan caps could push institutions to retool program pricing, recruit fewer full‑time enrollees, or expand employer‑sponsored pathways. Law schools and graduate programs will need contingency plans for financial aid, tuition design, and advising to avoid enrollment shocks and preserve diversity. Trustees and financial aid officers should re-run affordability models, re-evaluate contingency scholarship plans, and increase transparency about borrowing implications for prospective students.