Federal changes to graduate lending are forcing universities to reassess program finances and student affordability. The One Big Beautiful Bill Act eliminated Graduate PLUS loans for new borrowers after July 1 and capped general graduate borrowing at $20,500 annually unless a program receives a 'professional' designation (a $50,000 cap applies to those programs). Institutions warn the cap will leave many graduate students with inadequate support for tuition and living expenses. Separately, a UK vice‑chancellor called for restricting government student loans for applicants without A‑levels, arguing some borrowers are unlikely to complete degrees—an idea that, if adopted, would reshape eligibility and funding models. Why it matters: changes to graduate lending shift financial risk to institutions and students and could depress enrollments or force program redesigns in high‑cost graduate fields.