""Collectively, our changes will ensure students continue to have the access that they need for federal student loans, while helping prevent borrowers from taking on unmanageable debt levels that they may never be able to repay.""
""The new borrowing caps are among the most discussed changes in the overhaul. The Department of Education is setting a $100,000 lifetime cap for graduate students and a $200,000 cap for professional students.""
""Some students and advocates have raised concerns that the caps could push students to seek additional financing in the private lending market or forgo their programs altogether.""
""The department is capping Parent PLUS loans for the first time, which allows parents to borrow the full cost of attendance for their kids' programs. The new cap for parent borrowers will stand at $20,000 annually.""
The Department of Education announced a student-loan repayment overhaul effective July 1, featuring new borrowing caps and repayment plans. Key provisions include the elimination of the Grad PLUS program, new loan limits of $100,000 for graduate students and $200,000 for professional students, and the introduction of two new repayment plans. The changes aim to provide access to federal student loans while preventing unmanageable debt. Concerns have been raised about the impact of these caps on students seeking additional financing or abandoning their programs.
Read at www.businessinsider.com
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