News Summary

  • Nine major accounting organizations jointly sent a letter to U.S. Secretary of Education Linda McMahon on December 15, expressing "strong opposition" to excluding accounting graduate programs from "professional" degrees, which would affect scholarship eligibility. The co-signers include the American Institute of Certified Public Accountants (AICPA) and its Center for Audit Quality, the National Association of State Boards of Accountancy, and others.
  • According to a fact sheet released by the Department of Education, if a graduate degree is not classified as "professional," the federal loan cap would be effectively limited to $20,500 per year and $100,000 in total. This level is far below the caps of $50,000 per year and $200,000 in total corresponding to "professional" degrees (such as law JD, medical MD, and theology master's) as identified in the Department's draft.
  • The letter emphasized in bold: "Accounting is a profession." It calls for a "parity approach" to ensure accounting students can access the same level of graduate funding as other recognized professional programs, thereby "sustaining the pipeline of future accountants and protecting communities and markets."

In-Depth Analysis

The draft language stems from the November 2025 rulemaking session of the Department of Education's "Reimagining and Improving Student Education Committee" (RISE Committee). According to a November 6 Department press release, the committee reached consensus on a package of federal student loan-related changes driven by the "One Big Beautiful Bill."

The RISE Committee is expected to publish a notice of proposed rulemaking in the Federal Register in early 2026 to solicit public comments, with the new loan caps expected to take effect in July.

The Department of Education argues that its definition of "professional" degrees is merely an internal designation used to distinguish programs eligible for higher loan caps, "not a value judgment on the importance of the program, nor does it affect whether the program is professional in nature."

Other co-signing organizations include: AGA (formerly the Association of Government Accountants), the American Accounting Association, the Institute of Internal Auditors, NABA Inc., and the National Council of Filipino American and Canadian Accountants.

The proposed rule comes as the number of accounting graduate degrees awarded in the U.S. has declined by 15%, and efforts to alleviate the accounting talent shortage may just be starting to show results—shrinking college enrollment has prompted the accounting profession to adjust CPA licensure requirements to lower the barrier to entry.