Federal student loan borrowing caps take effect for new borrowers

Parent PLUS loans capped at $20,000/child/year or $65,000 lifetime. Graduate loans capped at $20,500/year/$100,000 lifetime for master's; $50,000/year/$200,000 lifetime for professional degrees. Graduate PLUS loans eliminated entirely. New borrowers must use Repayment Assistance Plan (RAP) — income-driven repayment options significantly restricted. Parent PLUS loans ineligible for income-driven repayment.