A Federal Reserve Bank of Philadelphia analysis found about 28% of recent graduate borrowers exceeded the new federal borrowing limits that take effect in July; nearly 40% of those borrowers would likely fail to get private credit without a cosigner under current underwriting. The caps — $100,000 total for graduate students and $200,000 for professional students, with annual maximums of $20,500 and $50,000 respectively — were enacted in a Republican tax-and-spending package. Researchers warn the end of Grad PLUS and these limits could force program contractions, higher out-of-pocket tuition burdens, or curb enrollment in high-cost professional and doctoral programs unless alternative financing or institutional changes emerge.