The bill, formally known till Tuesday as the One Big Beautiful Bill Act, changes that. Starting in July of next year, graduate students will be able to borrow up to $100,000 total and professional students up to $200,000.

Starting next summer, graduate borrowers can only take out direct loans that have a lower borrowing cap. These are the new limits for graduate school borrowing: For graduate students: up to $20,500 per year; $100,000 total. For professional and medical students: up to $50,000 per year; $200,000 total.

The Republican tax bill extends tax cuts for the wealthy, but lets income-driven repayment forgiveness become taxable income.

Republicans’ “big beautiful” bill, if enacted as drafted, would make some of the biggest changes to the federal student loan system in decades. GOP House and Senate lawmakers’ proposals ...