The U.S. Department of Education’s negotiated rulemaking reached consensus on new graduate borrowing limits that will effectively end the Grad PLUS program and impose tiered caps starting July 2026. The agreement, reached by the RISE committee, would cap annual borrowing for new graduate students at $100,000 and allow professional programs up to $200,000, a shift AGB says will reshape institutional budgeting and enrollment planning. Boards of trustees, financial-aid offices and deans will face immediate pressure to model revenue impacts, revise aid strategies, and reconsider program pricing. The AGB Policy Alert (AGB Policy Alert: Graduate Student Loan Limits) outlines how the negotiated consensus will translate into a proposed rule for public comment ahead of a final rule in early 2026. Board members should expect new compliance obligations and potential enrollment changes in professional programs that historically relied on federal Grad PLUS availability. Institutions that enroll high shares of graduate students or professional degree candidates will likely see the largest fiscal and recruitment impacts. Governance teams must act now: scenario planning, engagement with state policymakers and updating financial-aid counseling are immediate priorities. The change also raises questions about access to graduate study for lower‑income and midcareer learners who rely on federal loans to finance advanced credentials.