Core Points - The "One Big, Beautiful Bill" will eliminate access to Grad PLUS loans for graduate students starting next school year, forcing many to seek alternative financing options for their education [1][2] - Approximately 545,000 graduate students utilized Grad PLUS loans in the 2024-25 award year, indicating a significant impact on this demographic [2] Affected Groups - Graduate students who borrowed Grad PLUS loans before July 1, 2026, can continue to borrow for up to three more years or until their program concludes [3] - Non-professional graduate students will face a borrowing cap of $100,000, while professional graduate students, such as those in medicine and law, can borrow up to $200,000 in unsubsidized loans throughout their educational career [3][8] Financial Implications - The new borrowing limits replace a previous cap of $150,000 for all graduate students, which may not significantly affect non-professional students, as the average debt for this group is $80,550 [8] - Professional graduate students, particularly medical students with average costs of $232,100, may struggle to finance their education without the Grad PLUS loan program [9][10] Recommendations for Financing - Graduate students are encouraged to explore grants, scholarships, and employment opportunities at their universities before resorting to loans [6][12] - Employer tuition reimbursement programs can provide up to $5,250 in tax-free assistance for education-related expenses [13] - The Lifetime Learning Credit allows eligible taxpayers to deduct up to $2,000 in education expenses from their taxes annually [14] Alternative Loan Options - If federal loans are insufficient, private student loans may be considered, with a recommendation to start with state and nonprofit lenders for potentially lower interest rates [15][16] - Private loans can offer competitive rates and flexible repayment options, but borrowers should carefully review the terms before committing [19][20]