Who Should Pay for Graduate School?

Grad PLUS loans were created in 2006, allowing graduate students to borrow up to the full cost of attendance. Total borrowing rose from about $2 billion in the program's first year to over $15 billion in 2024 25, but beginning July 1, 2026, new borrowers will face annual loan caps, leaving a funding gap for students and universities alike. Supporters say the limits will curb overborrowing and tuition growth; critics warn they could push students toward private loans and reduce access to lower-paying fields.