S. 4039 — Professional Degree Access Restoration Act

This section revises loan eligibility and limits under the Federal Direct Loan Program for graduate and professional students by permanently prohibiting Federal Direct Stafford Loans (i.e., interest-subsidized) and increasing maximum annual Federal Direct Unsubsidized Stafford Loan amounts to include the prior subsidized amount—for all periods of instruction beginning on or after July 1, 2012 (previously through June 30, 2026). The section strikes subparagraph (3)(C) and paragraph (4) (i.e., temporary provisions related to the prior termination and Federal Direct PLUS Loans), redesignates subsequent paragraphs, and makes conforming amendments to cross-references.