Policy changes under the One Big Beautiful Bill Act will eliminate Graduate PLUS loans and impose lifetime federal borrowing caps that critics say will constrict access to advanced degrees. Under the new rules, certain professional degrees may be eligible for higher caps, while many graduate programs—education, public health, advanced nursing, social work—face a $100,000 ceiling beginning July 1, 2026. Opponents argue the caps are not aligned with labor‑market demand and will push students into higher‑cost private loans, deepen stratification in graduate education, and deter applicants from lower‑income backgrounds. Yale law and policy experts have framed the shift as a structural change that could entrench privilege in credentialing. Universities, graduate schools and research institutions need to model financial impacts on enrollment, advising and completion rates, and consider contingency funding or program redesigns to preserve talent pipelines for critical public‑service fields.