College finance leaders at NACUBO are dealing with a tightening federal policy environment that includes new constraints on federal student lending and shifting definitions for qualifying graduate degrees. The conference sessions emphasized uncertainty around regulations tied to loan caps, including legal limbo over what counts as a “professional” degree. NACUBO Education Policy Director Bryan Dickson characterized the loan policy changes as among the most impactful since the administration took office. American Council on Education President Ted Mitchell said institutions have had to abandon earlier policy priorities and move into what he called a defensive posture. The operational implication is immediate for business offices: planning for enrollment, net price, and student demand may become harder when loan eligibility rules are in flux. Institutions also face compliance and legal-review workload as they interpret how new definitions will apply. For boards and senior leadership, the key question is how to scenario-plan around student borrowing capacity changes while maintaining affordability and enrollment stability.