The US Education Department sets a limit on loans for graduate school

Image from Newsweek

New limits on federal loans for graduate school programs will take effect on July 1, the U.S. Department of Education announced on Thursday. According to officials, this choice is a component of the Trump administration's initiatives to lower postsecondary education expenses and speed up the payback of student loans. 

The GOP's comprehensive reconciliation plan, which included significant modifications to the federal student loan system, was signed into law by President Trump last July. 
According to the administration, imposing student loan limitations will compel colleges to reduce tuition.

Other critics claim that these new limitations may completely discourage people from enrolling in graduate programs, especially low-income students, according to The Hill. The Grad PLUS program, which pays for postsecondary degrees in full, is eliminated by the plan.
The maximum amount of graduate student loans will now be $20,500 per year and $100,000 overall. The maximum amount of professional student loans will be $50,000 per year and $200,000 overall. 
According to the department, degree programs in pharmacy, dentistry, veterinary medicine, chiropractic, law, medicine, optometry, osteopathic medicine, podiatry, theology, and clinical psychology fall under this policy.