The student loan program known as Grad PLUS, was enacted under President George W. Bush’s tenure in 2006. This program provided graduate and professional students (almost) unlimited access to borrowing power- at below market rates. The cap had been $ 138,500 for grad school (which also included college debt that was still unpaid- that undergraduate cap is unchanged at $ 57,500). And, now- the program has new features like long-term debt forgiveness and income-based repayment.