Since the 1970s, the cost of college has risen at vertiginous rates, and in the last 30 years tuition has nearly doubled. According to the Institute of College Sciences, 72 percent of undergraduates require at least some financial aid.
Students starting degree programs this fall may have a harder time paying for school than any generation before. On July 1, drastic changes to the federal student loan process went into effect, as outlined in Donald Trump’s One Big Beautiful Bill.
Among the most notable differences are new caps on how much graduate students can borrow. Previously, Grad PLUS loans could be used to cover the entire cost of graduate school. Now, no matter how much a program costs, students can only borrow up to $200,000—and only for degrees the Trump administration deems “professional,” like an MD (the median cost for medical school this year is $297,745 at a public university and $408,150 at a private one). For degrees in theology, education, social work, and more, the cap is $100,000.
