Graduate Opportunity and Affordable Loans Act

This bill sets new annual and aggregate limits for federal unsubsidized student loans for graduate and professional students, effective July 1, 2024. It increases annual loan limits to $20,500 for regular graduate students and $40,500 for professional students (like law or medical students), with total lifetime limits of $65,000 and $130,000 respectively (including undergraduate borrowing). The bill also ends eligibility for Federal Direct PLUS loans for graduate and professional students starting July 1, 2024, with institutions required to notify students of this change by July 30, 2024. Existing borrowers who received loans before July 1, 2024, may continue using prior limits for the 2024-2025 academic year if they haven’t graduated.