The Department of Education’s negotiated rulemaking reached consensus on new limits for federal graduate borrowing, marking a decisive shift away from the broad Grad PLUS framework. The RISE committee agreed on tiered caps that would effectively end the Grad PLUS program and impose annual and program-based limits, with ED expected to issue a proposed rule for public comment ahead of a final rule in early 2026. Board and campus finance officers should prepare for new compliance burdens, altered affordability models and potential shifts in graduate enrollment as institutions reassess program pricing and financial aid packages. The agreement identifies a definition for “professional” programs that receive the highest caps and outlines transition timelines that institutional leaders must incorporate into budgeting cycles. The association guidance stresses board-level oversight because the changes will affect institutional revenue models, recruitment of graduate students and partnerships with employers. Implementation is slated to begin July 2026, but ED will refine details during the notice-and-comment period. Colleges that rely heavily on graduate tuition are advised to model enrollment scenarios under the new limits and revisit recruitment, scholarship and pricing strategies. The rulemaking also signals likely political volatility: advocates expect litigation and further regulatory negotiation, heightening uncertainty for institutional financial planning.