Education Department Loan Cap Changes Impact Accounting and Nursing Programs

The Department of Education's proposed changes aim to curb over-borrowing and rising graduate program costs. However, professional organizations argue that excluding accounting and nursing from the 'professional' degree list misunderstands the current demands of these fields. For accounting, the AICPA and other organizations are pushing back, concerned about the perception of accounting as a profession and the potential impact on future enrollment. They emphasize the longevity and importance of accounting in the financial system.

For nursing, the new loan caps and phasing out of Grad PLUS loans could leave students with fewer affordable financing options. Nursing students report that the proposed limits wouldn't cover the true cost of many programs, potentially forcing them to pause or abandon their studies. This could reduce the pipeline of advanced-practice nurses and worsen access to care, particularly for vulnerable populations. The department is accepting public comment on the rule, which remains subject to federal review.

The Department of Education proposes limiting borrowing for graduate students in non-'professional' programs to $20,500 per year and $100,000 lifetime, effective July 1, 2026.

Both fields have been excluded from the 'professional' degree list, potentially reducing access to funding for graduate studies and exacerbating existing shortages.

Students can submit public comments to the Department of Education and explore alternative funding options, such as assistantships, private loans, or employer assistance.

Do you think these changes will negatively impact the accounting and nursing professions? Let us know in the comments!

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