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139 STAT. 334 PUBLIC LAW 119–21—JULY 4, 2025 with respect to award year 2026–2027 and each subsequent award year, as determined under the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.). Subtitle B—Loan Limits SEC. 81001. ESTABLISHMENT OF LOAN LIMITS FOR GRADUATE AND PROFESSIONAL STUDENTS AND PARENT BORROWERS; TERMINATION OF GRADUATE AND PROFESSIONAL PLUS LOANS. Section 455(a) of the Higher Education Act of 1965 (20 U.S.C. 1087e(a)) is amended— (1) in paragraph (3)— (A) in the paragraph heading, by inserting ‘‘AND FED- ERAL DIRECT PLUS LOANS’’ after ‘‘LOANS’’; (B) by striking subparagraph (A) and inserting the following: ‘‘(A) TERMINATION OF AUTHORITY TO MAKE INTEREST SUBSIDIZED LOANS TO GRADUATE AND PROFESSIONAL STU- DENTS.—Subject to subparagraph (B), and notwithstanding any provision of this part or part B— ‘‘(i) for any period of instruction beginning on or after July 1, 2012, a graduate or professional student shall not be eligible to receive a Federal Direct Stafford loan under this part; and ‘‘(ii) for any period of instruction beginning on July 1, 2012, and ending on June 30, 2026, the max- imum annual amount of Federal Direct Unsubsidized Stafford loans such a student may borrow in any aca- demic year (as defined in section 481(a)(2)) or its equivalent shall be the maximum annual amount for such student determined under section 428H, plus an amount equal to the amount of Federal Direct Stafford loans the student would have received in the absence of this subparagraph.’’; and (C) by adding at the end the following: ‘‘(C) TERMINATION OF AUTHORITY TO MAKE FEDERAL DIRECT PLUS LOANS TO GRADUATE AND PROFESSIONAL STU- DENTS.—Subject to paragraph (8) and notwithstanding any provision of this part or part B, for any period of instruction beginning on or after July 1, 2026, a graduate or profes- sional student shall not be eligible to receive a Federal Direct PLUS Loan under this part.’’; and (2) by adding at the end the following: ‘‘(4) GRADUATE AND PROFESSIONAL ANNUAL AND AGGREGATE LIMITS FOR FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOANS BEGINNING JULY 1, 2026.— ‘‘(A) ANNUAL LIMITS BEGINNING JULY 1, 2026.—Subject to paragraphs (7)(A) and (8), beginning on July 1, 2026, the maximum annual amount of Federal Direct Unsub- sidized Stafford loans— ‘‘(i) a graduate student, who is not a professional student, may borrow in any academic year or its equivalent shall be $20,500; and ‘‘(ii) a professional student may borrow in any academic year or its equivalent shall be $50,000. Time period. Effective dates.