The U.S. Department of Education’s negotiated rulemaking concluded with agreement on new limits for graduate borrowing, marking a major change to federal student-aid rules. The AGB Policy Alert reports that the RISE committee endorsed proposals that effectively end the Grad PLUS program and implement tiered annual caps—$100,000 for most graduate students and $200,000 for defined professional programs—beginning July 2026. The rule will force universities and governing boards to reassess graduate tuition pricing, institutional aid policies, and program-level financial planning. Law schools and professional programs that historically relied on high federal borrowing are likely to feel immediate enrollment and budgetary pressure. Boards and presidents should prepare contingency models for revenue, rework financing packages for doctoral and professional students, and engage financial aid offices to redesign communication and advising for impacted cohorts.