The One Big Beautiful Bill Act has introduced hard caps on federal student loans, ending the era of unlimited borrowing for higher education. Graduate borrowing is now capped at $20,500 per year, while professional programs have a $50,000 annual limit. Attorney Matthew Erskine notes that the legislation also permanently increased the federal estate and gift tax exemption to $15 million per person, which may prompt affluent families to consider estate planning strategies to fund education. Financial Advisor (7/14)