I missed this story while I was travelling, but it is quite significant, since it would cap loans for, say, legal education at $28,500 per year, which will result, I expect, in a collapse in enrollments at some law schools and probably put some financial stress on all law schools to increase their own financial aid or limit tuition increases.  It may also push more students into the private loan market, though some private lenders may undertake more due diligence regarding the school for which the loan is to be utilized.

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