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139 STAT. 336 PUBLIC LAW 119–21—JULY 4, 2025 be $65,000, without regard to any amounts repaid, forgiven, canceled, or otherwise discharged on any such loan. ‘‘(6) LIFETIME MAXIMUM AGGREGATE AMOUNT FOR ALL STU- DENTS.—Subject to paragraph (8) and notwithstanding any provision of this part or part B, beginning on July 1, 2026, the maximum aggregate amount of loans made, insured, or guaranteed under this title that a student may borrow (other than a Federal Direct PLUS loan, or loan under section 428B, made to the student as a parent borrower on behalf of a dependent student) shall be $257,500, without regard to any amounts repaid, forgiven, canceled, or otherwise discharged on any such loan. ‘‘(7) ADDITIONAL RULES REGARDING ANNUAL LOAN LIMITS.— ‘‘(A) LESS THAN FULL-TIME ENROLLMENT.—Notwith- standing any provision of this part or part B, in any case in which a student is enrolled in a program of study of an institution of higher education on less than a full- time basis during any academic year, the amount of a loan that student may borrow for an academic year or its equivalent shall be reduced in direct proportion to the degree to which that student is not so enrolled on a full- time basis, rounded to the nearest whole percentage point, as provided in a schedule of reductions published by the Secretary computed for purposes of this subparagraph. ‘‘(B) INSTITUTIONALLY DETERMINED LIMITS.—Notwith- standing the annual loan limits established under this section and, for undergraduate students, under this part and part B, beginning on July 1, 2026, an institution of higher education (at the discretion of a financial aid administrator at the institution) may limit the total amount of loans made under this part for a program of study for an academic year that a student may borrow, and that a parent may borrow on behalf of such student, as long as any such limit is applied consistently to all students enrolled in such program of study. ‘‘(8) INTERIM EXCEPTION FOR CERTAIN STUDENTS.— ‘‘(A) APPLICATION OF PRIOR LIMITS.—Paragraphs (3)(C), (4), (5), and (6) shall not apply, and paragraph (3)(A)(ii) shall apply as such paragraph was in effect for periods of instruction ending before June 30, 2026, during the expected time to credential described in subparagraph (B), with respect to an individual who, as of June 30, 2026— ‘‘(i) is enrolled in a program of study at an institu- tion of higher education; and ‘‘(ii) has received a loan (or on whose behalf a loan was made) under this part for such program of study. ‘‘(B) EXPECTED TIME TO CREDENTIAL.—For purposes of this paragraph, the expected time to credential of an indi- vidual shall be equal to the lesser of— ‘‘(i) three academic years; or ‘‘(ii) the period determined by calculating the dif- ference between— ‘‘(I) the program length for the program of study in which the individual is enrolled; and Deadline. Reduction. Publication.