Senate Bill 1968
118th Congress(2023-2024)
Graduate Opportunity and Affordable Loans Act
Introduced
Introduced in Senate on Jun 14, 2023
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1968
Congress
118
Policy Area
Education
Education
Primary focus of measure is elementary, secondary, or higher education including special education and matters of academic performance, school administration, teaching, educational costs, and student aid.
No Senate votes have been held for this bill.
Summary
Graduate Opportunity and Affordable Loans Act
This bill limits federal student loan borrowing for graduate and professional students.
Specifically, the bill terminates the ability of a graduate or professional student to receive a Direct PLUS Loan. Institutions of higher education (IHEs) must notify their prospective and enrolled graduate and professional students that Direct PLUS Loans terminate on June 30, 2024.
Additionally, the bill reduces the aggregate loan limits for Direct Unsubsidized Loans. In particular, the bill establishes the aggregate loan limit as $65,000 for a graduate student (down from $138,500) and $130,000 for a professional student (down from $138,500).
The bill allows IHEs to set lower loan limits.
June 14, 2023
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06/14/2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
06/14/2023
Introduced in Senate
Public Record
Record Updated
Apr 17, 2024 11:52:25 PM