Analysts and academics warn that the One Big Beautiful Bill Act’s restructuring of federal graduate lending — eliminating Graduate PLUS and imposing lifetime borrowing caps ($200,000 for some professional degrees; $100,000 for most others) starting July 1, 2026 — will constrain access to advanced degrees and deepen economic stratification. Critics, including Yale Law Professor Daniel Markovits, argue the caps shift graduate education access from merit to family wealth and risk pushing students toward higher‑cost private loans or out of graduate study entirely. The policy affects licensure‑dependent fields like advanced nursing, social work and public health that were not included in the higher $200,000 threshold despite labor shortages. Universities, graduate schools and workforce planners say the caps could alter enrollment patterns, program finances and the supply of credentialed professionals in critical sectors — exacerbating the K‑shaped dynamics policymakers and Fed officials have warned about.