Higher education finance leaders at NACUBO’s annual conference described a “more defensive posture” as colleges absorb rapid policy change and uncertainty around federal student lending rules. Speakers said institutions have had to reset planning after the 2024 election and anticipate enforcement and regulatory shifts tied to tighter lending. Panelists highlighted the sunsetting of the Grad PLUS loan program and new lifetime caps on borrowing, describing them as among the most impactful changes since the Trump administration took office. Uncertainty also remains in how Education Department final regulations define “professional” degrees, which affects borrowing limits for graduate students. In parallel, campus budget leadership remains constrained by political targeting concerns, international enrollment sensitivity, and the legal limbo around major definitions. Business officers’ priority is operational readiness—modeling enrollment impacts, legal review of compliance requirements, and contingency budgeting. For boards and presidents, the lesson from NACUBO is that finance governance now includes rapid scenario planning tied directly to federal student aid eligibility rules, not just tuition and cost controls.