Big changes for federal student loans include new caps on amounts that can be borrowed

SAN FRANCISCO (KGO) -- A new law signed by President Donald Trump means big changes for student loans.

Some say it will make it harder to become a doctor or a lawyer since it places new caps on student loans for graduate students and professional students.

We spoke with young people who have dreams of working in the medical field.

"I'm in this internship right now through UCSF Bay Area Medical Academy," said high school student Nadia Medina. "We want to get into health care."

"I decided I wanted to pursue nursing, because I want to be a labor and delivery nurse. Hoping to be a representative and serve helping Black women deliver babies," said nursing student Jada Zeigler.

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Going to nursing school, med school or professional school may be even tougher now because of Trump's spending bill that he just signed into law.

It'll change the way students take out and pay off their student loans. It places new caps on the amount of loans students can borrow. The bill will cap total medical school loans at $200,000.

Student Nadia Medina heard about the new changes for student borrowing.

"Yeah, I heard about that. Unreasonable, unfair, I don't support it," Medina said.

On average, med school students graduate with about $260,000-worth of debt. If they go to a private university, they owe more about $300,000.

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The new changes mean students won't be able to count on federal loans anymore.

Medina heard about the changes for student borrowing.

"It's unfair. I feel like they're trying to get more privileged people to able to become these doctors, lawyers. Because, realistically, people can't pull $200,000, $400,000 out of their pockets to pay for school," Medina said.

Betsy Mayotte is president of the Institute of Student Loan Advisors. She says the student loan changes will hurt many professional students. Without the ability to take out more federal loans, prospective students will have to turn to private loans.

"Is it going to cause people to rethink medical school. Not just talking doctors; talking nurses and all the other medical health providers that we rely on," Mayotte said.

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Mayotte said there's added concern for students already pursuing a professional degree.

"The concern becomes, once they reach that cap, what happens?" Mayotte said.

Some students may be able to turn to private loans.

"But there's a concern for that too. First, are they going to qualify for private loan, especially now? They already have $200,000 sitting in their debt-to-income ratio. If they do qualify, is it going to be a reasonable interest rate? Even if it is, will they be able to afford the payments?" Mayotte said.

As students ponder their future, they have to ask those tough questions about the potential for serious debt.