Federal student loan policy is changing for graduate and professional students, starting July 1, as Grad PLUS is eliminated for new borrowers and new annual and aggregate federal loan limits take effect. Graduate programs will generally face a $20,500 annual federal loan limit, while qualifying professional programs receive higher limits. The transition moves graduate lending from a broadly credit-backed structure to a credit-based market model that evaluates borrower, cosigner, credit history, and income. A COHEAO report titled “Mapping the Gap” estimates about $8.7 billion in modeled borrowing above the new caps, with patient-facing healthcare accounting for about $6.1 billion (roughly 70%). COHEAO identifies 166 “high-brand” institutions accounting for about $3.3 billion in exposure, implying some campuses may see enrollment and admissions opportunity if they can help affected students bridge gaps. Smaller private nonprofit institutions under 5,000 undergraduate students account for about $1.9 billion in modeled exposure, raising the risk of sharper credit constraints for those students. Campus leaders are being forced to treat the change as more than a financial aid adjustment—because local credit conditions and institutional financing capacity will shape replacement options for students facing the same nominal aid gap.