LA MESA, Calif (KGTV) - A UC San Diego student is now at a crossroads as President Donald Trump's "big, beautiful" bill is putting his law school plans in flux, since there are new limits on federal student loan programs.
The federal student loan system is undergoing an overhaul due to the passage of Trump's spending tax bill, which the president is expected to sign on the Fourth of July.
Daniel Soria expects his plans for his education to be delayed by at least a couple of years.
On Thursday, he was studying chemistry at the La Mesa Library. He plans to graduate from UCSD this summer.
"My plan is more or less contingent upon the decisions made by our Congress," said Soria. "And whatever subsequent amendments they make to this bill."
He was hoping to go to law school to study constitutional law, but he said right now, things are up in the air. That's because graduate students will only be able to borrow $20,500 per year, with a lifetime borrowing cap of $100,000.
For fields like medicine and law, which Soria aspires to pursue, there's a lifetime cap of $200,000 and annual borrowing amounts of $50,000.
Before the bill, students were able to borrow the full cost of attendance through the Grad PLUS loan program.
"Initially, my plan was to graduate from my undergrad degree and apply the next upcoming cycle," said Soria. "The problem now is that a lot of the aid I would have relied on to make it financially viable is no longer going to be available thanks to this bill."
Just on Thursday, Congress passed Trump's spending tax bill, which will overhaul the federal student loan system.
The bill's points?
Borrowers now only have two options for repayment, while several others were eliminated.
Not only that, but there will also be changes to the Pell Grant program, which offers financial aid to low-income students, potentially forcing them to enroll in more classes to receive assistance.
Soria's plan?
"I'm probably going to have to work for longer to save up money for grad school, and that could potentially mean losing or missing out on essential opportunities that could have been crucial to my development," said Soria.
