A new federal financing structure for graduate and professional education begins July 1, with Grad PLUS eliminated for new borrowers and new annual and aggregate loan limits taking effect. The policy shifts graduate borrowing from a broad backstop to a credit-based model that can produce uneven access based on household and regional borrower context. The new limits are expected to be $20,500 annually for graduate programs generally, with higher limits for qualifying professional programs. A COHEAO report estimates roughly $8.7 billion in modeled graduate and professional borrowing above the new annual caps, with patient-facing healthcare accounting for about $6.1 billion. COHEAO’s analysis flags differences between high-brand institutions and smaller nonprofit colleges, emphasizing that the same nominal borrowing gap may play out differently depending on private credit access and institutional support. For campus financial aid leadership, the update is an implementation challenge that affects enrollment strategy, net tuition planning, and student retention during the first full year of the post-PLUS environment.