The rules for borrowing for a college education are undergoing a major overhaul.

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.

That means more borrowers will be turning to private student loans to bridge the gap. Most student loan applicants, however, are young or new to the workforce and have a thin or nonexistent credit file.

Add Yahoo as a preferred source to see more of our stories on Google. EAST STROUDSBURG, MONROE COUNTY (WBRE/WYOU) — Major changes to federal student loans are on the horizon. Starting in July, new rules could change how much you can borrow and how you ...

Major private student-loan lenders, like Navient and Sallie Mae, are ready to bring in more borrowers when Trump's repayment changes begin in July.

The cost of college — including tuition, housing, textbooks and other fees — adds up for families. However, students are often eligible for financial aid, including scholarships, grants, work-study or loans to help reduce the overall price of attendance.

The Department of Education announced Thursday that it will cap federal student loans for graduate programs, a change officials say is aimed at lowering college costs and reducing long-term debt burdens.

Federal student loan debt is nearing $1. 7 trillion, as more than 70% of graduates are not working in their degree field.