Graduate students pursuing degrees in nursing, architecture and some other fields will face lower caps on the amount they can borrow from the federal government after the Trump administration refuses to expand its list of 'professional degrees.

The U.S. Department of Education announced Thursday that new caps on federal loans for graduate school programs will go into effect July 1.

“Parents can borrow up to $20,000 per year per student and then there is a aggregate limit as well of $65,000," Austin said.