Under the One Big Beautiful Bill Act (OBBBA), federal student loan borrowing for graduate degrees is being overhauled. Grad PLUS loans are being eliminated, and new borrowing caps for graduate and undergraduate loans are being restructured into two tiers of borrowing caps.
- Graduate Degree Programs
- Annual cap: $20,500
- Lifetime cap: $100,000
- Professional Degree Programs
- Annual cap: $50,000
- Lifetime cap: $200,000
As a result, the Department of Education now needs to define which programs qualify as “professional degree” programs. The discussions and initial descriptions identified to date include a narrow list of professions, such as medicine (MD or DO), dentistry (DDS or DMD), law (JD or LLB), pharmacy (PharmD), veterinary medicine (DVM), and a few others.
How Does This Affect Speech-Language Pathologists (SLPs)?
Under this narrow definition, speech-language pathology and audiology programs are NOT included in the “professional degree” list. They would be classified as graduate degrees. Therefore, students pursuing SLP degrees (typically a master’s) would face lower federal loan limits at $100,000 lifetime versus $200,000 lifetime for professional programs.
This is significant because SLP and audiology programs often cost well above $100,000 when factoring in tuition, fees, and living expenses. Students looking to enter these professions may need to rely on private loans, scholarships, or out-of-pocket funding, increasing financial barriers. This could make education for these degree programs less accessible and exacerbate workforce issues.
The proposed rule was issued in November 2025. The public comment period will occur in early 2026. If finalized, the new rule would take effect in July 2026.
Bottom line: If this rule is finalized, SLP and audiology students will have access to half the federal loan limit compared to "professional degree" peers, making graduate education more expensive and potentially limiting entry into the fields.
Stay tuned in the new year as we share more information when the public comment period opens. In the meantime, use this link to contact your legislators about this important matter.