State Student Loan Programs: A Private Loan by Any Other Name?

On July 1, 2026, new federal student loan limits for graduate students established by H.R.1, the One Big Beautiful Act, took effect. These limits will have far-reaching consequences for students and families, driving many students to seek private student loans, which are often much costlier and riskier. 

State governments are standing up to help graduate students fill the gap—several states have announced new proposals to expand their student loan programs to support graduate students. Unfortunately, loans offered through these state programs may be more similar to private loans than to federal loans when it comes to cost, accessibility, and borrower risk. State policy makers who want to help students afford their graduate educations may be more effective proposing options other than starting or expanding loan programs.

Graduate Lending: How We Got Here

Prior to the introduction of federal student loans for graduate education, students who were unable to self-finance their education with Stafford Loans and other federal aid sources turned to the private market for support. In time, legislators concerned about risk in the private market¹ established the Graduate PLUS Loan program expanding federal lending options for graduate and professional students.² Graduate PLUS loans were more accessible than the private market and provided generous benefits, including access to public service loan forgiveness, deferment and forbearance options, and income-driven repayment plans. Graduate PLUS loans also allowed students to borrow up to the full cost of attendance for their program minus any other aid. 

While some graduate students still borrowed private loans after the introduction of the Graduate PLUS program—either because they found private loans with lower interest rates or because they were unable to borrow federal loans, as is the case for international students—the vast majority of students opted for federal loans. Recent changes to federal lending will substantially alter the landscape and shift more students back to a private market. Unfortunately not all graduate students meet minimum underwriting standards for private loans, and even those that have their loan applications approved can receive less favorable, expensive interest rates, effectively locking them out of the private loan market.

The discontinuation of the Grad PLUS loan program as part of the broader H.R.1 implementation rolls back the clock on borrowing options available to graduate students. Instead of the nearly unlimited borrowing under the Grad PLUS program, H.R.1 imposed new annual and aggregate federal loan caps for graduate and professional programs.³ With the elimination of the Grad PLUS Loan program, among federal loan options, graduate and professional students now only have access to federal Direct Unsubsidized Loans to fund their graduate education. Researchers, industry associations and college access organizations have voiced concern about how the imposition of these limits may drive students to the more expensive and high-risk private sector.⁴ Private student loans typically have higher interest rates, shorter repayment periods, and fewer consumer protections compared to federal loans. For example, private loans do not traditionally offer income-based repayment plans or public service loan forgiveness (PSLF). 

Why Graduate Students Need Robust Lending Options

Going forward, graduate students will have substantial need for non-federal lending. In many cases, students are unable to pursue or complete an advanced degree program without some level of additional borrowing. In recent years, more than a quarter of graduate borrowers borrowed above the new federal loan limits.⁵ Borrowing has increased as the cost of higher education has increased. From 2000 to 2020, the median annual net tuition cost (that is, tuition minus grants) for graduate programs more than tripled, from $3,000 to $10,000.⁶ In 2019–20, 42 percent of all graduate students borrowed federal loans and professional and other doctoral students were the most likely to borrow,⁷ with over three-quarters leaving school with some student loan debt. Students pursuing JDs, MDs, and professional doctorates incurred more debt than those in master’s or doctoral programs and were 60 percent more likely to borrow for their education than masters or doctoral degree seekers.⁸ In recent years, nearly 30 percent of graduate borrowers have borrowed above the new federal limits.⁹

In recent years, nearly 30 percent of graduate borrowers have borrowed above the new federal limits.

Graduate students have distinct financial needs and are often on their own when securing financing. Collectively, graduate students are typically older and a significant portion are married (38 percent of master’s students and 45 percent of doctoral students) and/or have dependent children.¹⁰ Relatedly, many have cost-of-living expenses beyond what an undergraduate student might have, which can result in greater financial need and higher levels of borrowing. While undergraduate students may have parents who can support them and help with education costs, graduate students may have already exhausted this family assistance. Borrowers who do not meet traditional lending criteria can apply with a creditworthy cosigner, though it can be more challenging for older, nontraditional students who lack creditworthiness to find cosigners for private loans. While younger borrowers may also experience difficulty locating a qualifying cosigner, seeking a cosigner as an older adult can be especially difficult. This also assumes that an applicant has a trusted friend or family member who is creditworthy, which can be difficult for those from historically underrepresented and low-income backgrounds. For example, minority-majority communities have a larger share of consumers with subprime credit scores,¹¹ meaning friends and neighbors may be in similar if not more dire economic straits than a graduate loan applicant from the same area. 

Given all these challenges, students seeking graduate education are very likely to go beyond the federal loan programs to secure financing, leading many to consider loans from private lenders but also state loans in states that have lending programs. However, these borrowing options—even in state programs—often come with greater financial risks than federal lending programs.

States and Private Lenders Are Stepping Up to Fill the Gap—but Only for “Qualified” Borrowers

For graduate students seeking financing beyond federal lending programs, there are two likely options: private student loans and, for residents in certain states, state student loan programs. While the barriers and risks associated with private loans are fairly well known, students might assume that, because a state student loan program is a government program, it offers the same types of benefits as a federal loan—especially when the loan is administered by a state agency known for providing financial assistance. That is not always the case, however. As with private student lending, state student loans may be more expensive than federal loans and typically will not have the same consumer protections, including access to generous loan forgiveness options.

Private lending is transactional, in which a bank or other lender makes a calculated investment in certain students in order to turn a profit. Private lenders are eager to extend funding to students,¹² but typically only to creditworthy students pursuing high-wage career pathways. Students that are riskier investments because they have no credit history or an adverse credit history or are pursuing less financially rewarding careers¹³ may be unable to qualify for private loans. 

States have a stake in their residents’ overall success and financial well-being and so a number of them, including Connecticut,¹⁴ Minnesota,¹⁵ and Utah,¹⁶ have introduced legislation to create “replacement” loan programs intended to fill funding gaps created by the elimination of Graduate PLUS Loans. For example, the Connecticut Supplemental Graduate Student Loan Program proposal specifically referenced the overhaul of the federal student loan system as the impetus for the program.¹⁷ However, not all state student loan programs are new: state and quasi-state loan programs have existed for some time.¹⁸

While not as transactional as private lenders, state governments are still more risk-averse than the federal government.

While not as transactional as private lenders, state governments are still more risk-averse than the federal government. Lacking the ability to run a budget deficit, states face financing challenges in lending to students that the federal government does not. Compared to Grad PLUS loans, which were available to nearly all graduate students without a cosigner so long as they had no “adverse” credit history, the vast majority of state loan programs have stricter underwriting requirements.¹⁹ Approval for these state student loans is usually based on a variety of factors, including credit score, residence in the state, annual income, credit history, debt-to-income ratio, and whether a borrower is attending a qualifying institution—factors that significantly overlap with private loan underwriting.

States that oversee their own student loan programs usually finance the loans with tax-exempt bond issuances. These bonds allow the state to set up a revolving fund for students to borrow from and repay. State student loan programs financed through revenue bonds must generate sufficient repayment revenue to satisfy bondholders and maintain debt-service coverage ratios. As a result, bond-financed programs face pressure to charge interest rates and fees sufficient to support investor returns and reserve requirements, unlike programs funded directly through state appropriations. State education loans can also be supported by grants, revolving funds, direct cash or some combination of funds. For example, the expanded Connecticut state loan program carves out at least $60 million from Connecticut’s private activity bond cap for the Connecticut Higher Education Supplemental Loan Authority (CHESLA) and authorizes $30 million in state general obligation bonds overall, with $10 million allocated for the program.²⁰ This may mean that loans provided via bond-funded programs have higher interest rates and other costs to borrowers relative to programs funded by state appropriations, though such loans may still be less costly than private student loans. 

In addition, bond-financed state loan programs have to ensure a return on investment that is attractive to investors. As a result, states may impose additional credit worthiness requirements to ensure that bond holders receive both their interest payments and their principal payment back. The result is potential borrowers being screened out by their creditworthiness to maximize the financial return for bondholders. Private loans and state education loans typically offer more favorable terms to those borrowers (or cosigners) with better credit.

A Sample of How States Have Designed Their Student Lending Programs

Each state student loan program has different attributes, including varying eligibility requirements, costs, and protections. As noted above, despite the “state loan” moniker, a number of these programs are not directly funded through state appropriations and are instead funded through the sale of state-issued bonds.

For example, Rhode Island and Oklahoma both offer a bond-financed education loan program through a nonprofit, state-affiliated lender (RISLA Graduate Loans and the OK HELP Loan for graduate students). Both states also permit borrowing beyond the new loan limits, with Rhode Island willing to lend up to the full cost of attendance with no annual limit and Oklahoma allowing borrowing to access funds for the full cost of attendance up to a $300,000 aggregate limit.²¹

Pennsylvania and Massachusetts, which have among the highest populations of advanced degree holders, also offer state loan programs for graduate education funded through bond sales. The Pennsylvania Higher Education Assistance Agency (PHEAA), a quasi-governmental agency, administers state loans that allow graduate and professional students to borrow up to the full cost of attendance with an aggregate limit of $300,000. Borrowers must meet certain eligibility criteria including residency²² and minimum credit requirements. The program offers some unique benefits in that PHEAA rewards completers by offering a 0.50 percent interest rate reduction upon graduation. Likewise, while borrowers who don’t meet the credit requirements are able to apply with a cosigner, PHEAA allows that cosigner to be released from their repayment obligation following a period of on time payments. 

Table 1

In direct response to the new Direct Unsubsidized loan limits, the Massachusetts Educational Financing Authority (MEFA) announced enhanced efforts to support professional students in law, medicine, dentistry, and other health professions. MEFA is a self-financing, state-chartered nonprofit with student loan authority granted by the state of Massachusetts.²³ MEFA contracts with PHEAA to provide loan services to borrowers, but the relationship has not been without controversy.²⁴ The “enhancements” to the program outlined in the state’s recent announcement²⁵ mirror the GRAD Plus Loan program in many ways, including providing borrowers access to nearly unlimited borrowing with no annual or aggregate limits. This runs the risk of importing the same ills as the federal Grad PLUS program,²⁶ including overborrowing, into a smaller state loan system with fewer support services and opportunities for loan forgiveness. 

To qualify for a MEFA loan, borrowers must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past sixty months. The 690 minimum credit score for a graduate borrower²⁷ will lock out many borrowers, particularly in a state where more than 40 percent²⁸ of low to moderate income households have limited credit history or poor to fair credit. To better support borrowers in professional degree programs, MEFA Graduate Loans offer an extended grace/interest only period. Additionally, MEFA Graduate Loan applicants may obtain a pre-qualification through a “soft credit inquiry”²⁹ before formally applying. These soft checks are important because they do not affect an applicant’s credit score, compared to the “hard checks” required of most applications that can temporarily lower your credit score and remain on your credit report for two years.

More than one in five Arkansas borrowers currently borrow above the new graduate and professional limits.³⁰ Residents have access to two state-sponsored loan programs, one for all graduate students and one for students in an approved health professions program at an Arkansas university. To qualify, borrowers must be Arkansas residents or attending school in Arkansas. Graduate students cannot borrow more than the cost of attendance minus other aid, and their cumulative maximum is $100,000. Students in eligible health professions programs have a higher maximum debt threshold, with McD students able to borrow nearly $400,000 even without a cosigner.³¹ As with other state loan programs, there are no fees, some borrowers can defer payments until after graduation and co-signers can be released from their repayment obligations. 

In Minnesota, lawmakers devised a low-interest graduate loan program that will allow students enrolled in certain “doctorate” programs to access up to $300,000 in cumulative debt with no annual limits.³² The SELF Grad Loan program will allow most other graduate students to borrow $50,000 annually, with a cumulative maximum of $150,000. All borrowers are required to borrow a minimum of $2,000 and make minimum monthly payments of $15 while enrolled in their degree program. While the low interest may make these loans more affordable for students in programs that yield high return on investment, accessing the loans can still be a challenge. Borrowers without cosigners must have a minimum FICO score of 670 to qualify for a SELF Grad Loan.³³ 

The MyCHESLA Graduate Loan program is perhaps the most unique in that students can borrow up to the “net cost of tuition” though the cumulative maximum graduate principal balance outstanding is $250,000.³⁴ Students cannot borrow CHESLA Grad Loans to attend for-profit institutions³⁵ but all approved borrowers attending an eligible institution type have access to the same fixed rates. CHESLA will maintain its standard underwriting standards for graduate loan borrowers but applicants may also qualify using future expected earnings,³⁶ in addition to current income and the income of a cosigner, if they have one. While this process may increase access for low-income students who pursue careers in medicine or law, which generally produce higher earnings, this could produce challenges for students who withdraw before completing their program, leaving them with potentially high debt but without the market return degree completion can provide. 

States Should Explore Non-Loan Alternatives to Ensure Graduate Student Access to Affordable Education

Student loans offered by state programs may be more like private loans than federal loans in terms of cost, accessibility, and risk. Students may assume that state loan programs are similar to federal loan programs, but many have underwriting requirements, other eligibility restrictions, comparatively higher interest rates, and fewer consumer protections for borrowers who may face challenges in repayment. For example, state loan programs may not provide any relief options for borrowers who experience joblessness, though many do permit discharge following disability or death, depending on the lender’s policy. Since many state loan programs use the same underwriting standards as traditional private loans, they are less equitable compared to federal loans: borrowers with lower credit scores, assets, and incomes are charged the higher interest rates and higher-income or higher credit tier borrowers (or their cosigners) see lower interest rates. Despite this, states do have the ability to offer low- and zero-interest loans, which are generally more affordable for borrowers, as well as offering loans with no origination or application fees. Unfortunately, programs like the Massachusetts No Interest Loan (NIL) are unavailable to students who previously received a bachelor’s degree or its equivalent.³⁷

Since many state loan programs use the same underwriting standards as traditional private loans, they are less equitable compared to federal loans.

Helping Residents Pay for Graduate Education

States looking to help residents pay for graduate programs have options they can turn to other than expanding loan programs, such as investing in need-based aid programs, creating and expanding funding for loan forgiveness programs, or providing grants to residents to cover the gap created by the new loan limits.

For example, states can invest public funds into direct student aid programs, including need-based grants and scholarships for students pursuing in-demand careers, and/or in emergency grants for under-resourced students. To begin, states should conduct audits on the grant aid allocated by the state and its public institutions³⁸ to identify gaps and opportunities specifically for graduate students, to see whether grants awarded in excess of families’ need could instead be targeted towards students who couldn’t enroll without grant assistance. Programs that extend direct financial support to institutions and low-income students can be more cost-effective for states to administer and reach a larger swath of residents than programs such as targeted state loan repayment, which serve a smaller number of people overall. 

While nearly all fifty states offer loan forgiveness or repayment programs for high-need occupations that often require advanced degrees, including medicine, nurse education, social work, teaching, and law, these loan forgiveness programs are sometimes unfunded or underfunded because of budget shortfalls.³⁹ States should consider expanding available forgiveness and/or repayment options to address shortages and support borrowers. For example, in 2026, New Jersey expanded its slate of loan repayment programs to include air traffic controllers. By extending relief to borrowers in high-need, low-wage fields, state funded loan repayment programs can advance economic opportunity and meet workforce demands. Whether funded through public—private partnerships or solely state dollars, these programs fill a vital need addressing a borrower’s debt burden while supporting talent retention. It should also be noted that while programs such as PSLF only forgive remaining federal loan balances, many states will repay both federal and private students for eligible employees. 

When state governments step up to meet the financial needs of graduate students, their investment can pay off, particularly if the student graduates and gains employment in the state.

State grants allow for specific targeting that can help fill gaps when federal aid is not enough. States like New Jersey and Texas provide considerable grant aid to undergraduate students, yet award levels and availability vary. When states distribute aid using need as the primary criteria, it results in more equitable outcomes for students. A program targeted at those students pursuing careers in high-need areas can be especially valuable and may easily gain support from legislators. When state governments step up to meet the financial needs of graduate students, their investment can pay off, particularly if the student graduates and gains employment in the state. Retaining highly skilled local talent fortifies the economy, increasing the tax base as these workers gain income, participate in consumer spending, buy homes, and start or grow their families. 

Lowering Residents’ Cost of Graduate Education

When fiscal pressures are high and states face budget deficits, higher education is typically one of the first state budget categories to experience cuts.⁴⁰ Looming cuts to federal benefits programs like the Supplemental Nutrition Assistance Program (SNAP) and Medicaid will put additional pressure on state budgets.⁴¹ As resident need grows and demands on state money increase, states should focus on the programs that would be most effective in setting students up for success. 

When states face budget constraints that may limit the reach of state loans and other aid programs, they could take a different approach and instead work to bring down the cost of graduate education in their state. The state legislature typically has authority to regulate tuition at public universities, for example. While states have focused their tuition-capping policies on undergraduate education, they have the authority to freeze or cap tuition rates for graduate students. Tuition regulation policies such as tuition locks, which guarantee that a student’s tuition rate remains the same for a set period, can go a long way in protecting students by offering predictable pricing. Unfortunately, these programs are only effective long-term if state funding eventually is increased to make up for lost tuition revenue. At the undergraduate level, tuition freezes, which limit the amount tuition is permitted to increase annually, have been a mixed bag. While these programs do decrease tuition costs in the short term,⁴² institutions turn to other means to balance their budgets without the additional tuition revenue, often resulting in decreased institutional aid⁴³ for low-income students.

States can also seek matching funds for graduate assistantships to support the development of new scholars. Public–private partnerships can fund merit-based scholarships and assistantships for graduate students pursuing careers in high-skill, in-demand fields. Unlike department assistantships, which can fluctuate based on state budgets, an endowed assistantship is self-sustaining, resulting in long-term funding. Partnering with public-serving anchor institutions, such as hospitals and utility companies, to create scholarships and/or assistantships for STEM students expands access while supporting innovation. 

States may also consider examining some of the root causes for graduate student borrowing, including evaluating their own licensure requirements. Supervised clinical practice hours for careers such as social work and nursing can vary by state, and those unpaid hours can increase costs for students while also delaying their workforce entry. Licensure compacts between states can help states address staffing shortages and meet the needs of local residents.⁴⁴

Looking Ahead

If states truly want to mitigate harm and expand access for low-income students, they must make meaningful investments in graduate education as a public good. Simply offering more aid in the form of state loans does not support the financial well-being of students who will fill employment gaps in the state for years to come. Higher education helps future-proof states by fostering civic engagement and providing residents with access to economic and social mobility, and for this reason it is in the state’s best interest to provide additional support to students and institutions. For high-need occupations that fulfill a social good despite yielding low financial returns, states should make meaningful investment in pipeline initiatives, including commitments to expand scholarships and non-debt, grant aid. 

1. Ben Cecil, “How We Got Here: The Rise and Fall of the Grad PLUS Loan Program,” Third Way, December 4, 2025, https://www.thirdway.org/memo/how-we-got-here-the-rise-and-fall-of-the-grad-plus-loan-program.
2. Under H.R. 1, the Department was tasked with specifying distinct limits for graduate and professional students, with professional students qualifying for higher loan limits. Following a negotiated rulemaking, during which consensus was reached, the agency unveiled its “professional degree” definition which included 11 fields. This definition continues facing legal challenges as well as legislative attempts to expand the list of designated professional degree programs. On June 29, 2026, The Department released an update to the list of professional degrees programs due to a court order. See U.S. Department of Education, “(GENERAL-26-42) Update to List of Professional Degree Programs Due to Court Order,” June 29, 2026, https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2026-06-29/update-list-professional-degree-programs-due-court-order.
3. Following the elimination of Direct Graduate PLUS Loans, graduate students will be limited to borrowing $20,500 per academic year ($100,000 lifetime) and professional students would be limited to $50,000 per year ($200,000 lifetime) in Federal Direct Unsubsidized Loans. All federal loans borrowed at the graduate/professional level, including previously issued Grad PLUS loans, apply against this aggregate cap.
4. Tomas Monarrez, Jordan Matsudaira, and Dubravka Ritter, “Student Loans for Graduate School: Who Will Be Affected by the New Federal Lending Limits?” Federal Reserve Bank of Philadelphia, December 2025, https://www.philadelphiafed.org/-/media/FRBP/Assets/Consumer-Finance/Reports/student-loans-for-graduate-school.pdf; C. J. Powell, “Proposal to Implement Loan Caps Threatens Access to Professional Degree Programs,” American Association of Universities, November 14, 2025, https://www.aau.edu/newsroom/leading-research-universities-report/proposal-implement-loan-caps-threatens-access “Threat 1: Student Loan Limit Changes,” EdTrust, May 2026, https://edtrust.org/wp-content/uploads/2026/04/HE-State-Action-Brief-Threat-1.pdf.
5. Monarrez, et al., “Student Loans for Graduate School.”
6. Artem Gulish, Catherine Morris, Ban Cheah, and Jeff Strohl, “Graduate Degrees: Risky and Unequal Paths to the Top,” Georgetown University Center on Education and the Workforce, 2024, https://cew.georgetown.edu/wp-content/uploads/cew-graduate_degrees-fr.pdf.
7. Ji Hye “Jane” Kim, Maria Claudia Soler, Zhe Zhao, and Erica Swirsky, “Race and Ethnicity in Higher Education: 2024 Status Report,” American Council on Education, 2024,  https://www.equityinhighered.org/wp-content/uploads/2024/05/REHE2024_Chapter7.pdf.
8. Ibid.
9. Monarrez, et al., “Student Loans for Graduate School.”
10. “Accessing Grad Ed: Grad PLUS Direct Loan Program,” Council of Graduate Schools, February 2021, https://cgsnet.org/wp-content/uploads/2021/12/Grad-PLUS-Direct-Loan-Program.pdf.
11. Consumer Credit Explorer, Federal Reserve Bank of Philadelphia, https://www.philadelphiafed.org/surveys-and-data/community-development-data/consumer-credit-explorer.
12. “Recent Graduate Student Lending Reform: Analysis and Recommendations,” January 2026, https://consumerbankers.com/wp-content/uploads/2026/01/CBA_Recent-Graduate-Student-Lending-Reform-Analysis_01.2026-2.pdf.
13. Greg Garrison, “Will Your Student Loan Company Choose Your Degree for You?” April 26, 2026, U.S. News & World Report, https://money.usnews.com/loans/student-loans/articles/will-your-student-loan-company-choose-your-degree-for-you
14. Substitute for S.B. No. 8, Connecticut General Assembly, Session Year 2026, https://www.cga.ct.gov/2026/ba/pdf/2026SB-00008-R000003-BA.pdf?t=1779062400626.
15. HF 4431, 94th Minnesota Legislature (2025–26), https://www.revisor.mn.gov/bills/94/2026/0/HF/4431/versions/0/.
16. Utah House bill 515 which would have established the Graduate Student Supplemental Revolving Loan Fund to provide supplemental financial aid to certain graduate students failed to pass in the 2026 General Session. H.B. 515: Graduate Student Supplemental Loans, Utah State Legislature 2026 General Session, https://le.utah.gov/Session/2026/bills/static/HB0515.html.
17. “Governor Lamont Proposes Creating Loan Program for Graduate Students Targeted by Trump Administration,” Office of Governor Ned Lamont, February 12, 2026, https://portal.ct.gov/governor/news/press-releases/2026/02-2026/governor-lamont-proposes-creating-loan-program-for-graduate-students?language=en_US.
18. States including Alaska, Arkansas, Connecticut, Hawaii, Louisiana, Maine, Massachusetts, Minnesota, North Dakota, New Jersey, Oklahoma, Pennsylvania, Rhode Island, and Vermont all offer state loans for graduate education. See also Emily Rounds, “State Loans Could Help Fill the Graduate School Affordability Gap, Third Way,  March 30, 2026 https://www.thirdway.org/memo/state-loans-could-help-fill-the-graduate-school-affordability-gap.
19. The U.S. Department of Education uses specific credit problems to identify adverse credit history this includes whether a borrower has a recent bankruptcy discharge, tax lien, wage garnishment or foreclosure and whether a borrower has accounts totaling $2,085 or more that are 90 days delinquent, charged off, or placed in collection. In general having any debt sent to collections is considered an adverse history. U.S. Department of Education, “PLUS Loans: What to Do if You’re Denied Based on Adverse Credit History,” https://studentaid.gov/articles/plus-loans-denied-adverse-credit. Last accessed April 10, 2026.
20. SB 8: An Act Supporting Graduate Students in the State, Connecticut General Assembly, 2026, https://www.cga.ct.gov/2026/ba/pdf/2026SB-00008-R000003-BA.pdf?t=1779062400626.
21. As of July 1, 2026 the lifetime aggregate borrowing limit on federal Direct Loans is $257,500.
22. To qualify students must be Pennsylvania residents or a student from an approved, contiguous state attending an approved Pennsylvania institution.
23. Founded in 1982, MEFA also manages the state’s 529 savings program
24. “I-Team: Company That Handles Billing For MEFA Student Loans Agrees To Pay $2.4 Million,” CBS News, November 21, 2016, https://www.cbsnews.com/boston/news/i-team-acs-billing-mefa-student-loans-agrees-pay-million/.
25. “MEFA Expands Graduate Lending Program to Support Students,” BusinessWire, February 12, 2026, https://www.businesswire.com/news/home/20260212038650/en/MEFA-Expands-Graduate-Lending-Program-to-Support-Students.
26. Preston Cooper, “States Creating Graduate Loan Programs Should Tread Carefully,” American Enterprise Institute, June 18, 2026, https://www.aei.org/education/states-creating-graduate-loan-programs-should-tread-carefully/.
27. “Access Denied: How 40% of Americans Are Locked Out of the Private Student Loan Market,” Protect Borrowers and The Century Foundation, March 2026, https://protectborrowers.org/resource/report-access-denied-how-40-of-americans-are-locked-out-of-the-private-student-loan-market/.
28. Peter Granville, “The FICO Factor: GOP Megabill Will Limit Who Gets to Access College,” The Century Foundation, July 21, 2025, https://tcf.org/content/report/the-fico-factor-gop-megabill-will-limit-who-gets-to-access-college/.
29. Lisa Rooney, “MEFA Expands Graduate Lending Program to Support Students,” MEFA, February 12, 2026, https://www.mefa.org/article/mefa-expands-graduate-lending-program-to-support-students/.
30. Jordan Matsudaira, Meredith Welch, Jeff Wheble, and Clare McCann, “Graduate Loan Limit Impact Explorer, All Institutions: Arkansas” PEER Center, April 2026, https://www.peer-center.org/research/new-grad-limits-college-data-explorer.
31. “ASLA Health Professions Grad Loan,” Arkansas Student Loan Authority, July 2026, https://www.aspireservicingcenter.com/applications/docs/asla-health-professions-graduate-loan.pdf.
32. Students enrolled in advanced dentistry, dentistry, medicine, pharmacy and veterinary medicine programs are eligible for a minimum $2,000 loan and a maximum cumulative loan of $300,000. SELF Grad Loan https://selfloan.mn.gov/selfloan/self-grad-loan. Last accessed June 22, 2026.
33. “SELF Grad Loan,” Minnesota Student Loans, https://ohe.mn.gov/sites/default/files/2026-06/SELF%20Grad%20Loan%20Info%20Sheet_June%202026.pdf.
34. “Graduate Student Loans,” CHESLA, https://chesla.org/graduate-student-loans/.
35. Ibid.
36. “CHESLA Launches MyCHESLA Graduate Loan Program,” Office of State Representative Joseph P. Gresko, May 28, 2026, https://www.housedems.ct.gov/index.php/gresko/chesla-launches-mychesla-graduate-loan-program.
37. “Massachusetts No Interest Loan Program,” Massachusetts Department of Higher Education, Office of Student Financial Assistance, https://www.mass.edu/osfa/programs/nointerest.asp.
38. Peter Granville, Denise A. Smith and Jaime Ramirez-Mendoza, “A Better Hundred Billion: Improving State and Institutional College Financial Aid,” The Century Foundation, November 6, 2025, https://tcf.org/content/report/a-better-hundred-billion-improving-state-and-institutional-college-financial-aid/.
39. Tiara Moultrie, “Can State Student Debt Relief Programs Make a Difference?,” The Century Foundation, July 31, 2025, https://tcf.org/content/commentary/can-state-student-debt-relief-programs-make-a-difference/.
40. Peter Granville, “Beyond Health: Medicaid Cuts Could Put College Dreams on Life Support,” The Century Foundation, March 26, 2025, https://tcf.org/content/commentary/beyond-health-medicaid-cuts-could-put-college-dreams-on-life-support/.
41. Emily Katz Sayag, “How SNAP and Medicaid Changes Will Impact State Education Budgets,” National Conference on State Legislatures, October 3, 2025, https://www.ncsl.org/state-legislatures-news/details/how-snap-and-medicaid-changes-will-impact-state-education-budgets.
42. Lois Miller and Minseon Park, “Unintended Costs: The Hidden Consequences of Tuition Freezes and Caps,” PEER Center, April 2025, https://www.american.edu/spa/peer/upload/peer_unintended-costs_final.pdf.
43. Robert Kelchen and Sarah Pingel, “Examining the Effects of Tuition Controls on Student Enrollment,” June 2023, https://robertkelchen.com/wp-content/uploads/2023/07/tuitioncontrol_enrollment_accepted.pdf.
44. “New Jersey Joins Social Work Licensure Compact,” New Jersey Assembly Democrats, May 12, 2025, https://www.assemblydems.com/m/newsflash/Home/Detail/12597. 

Tags: student loans, borrowing limit, college affordability, federal student loans