LOAN LIMITS.

SEC. 8005. LOAN LIMITS.(a) Federal Insurance Limits.—Section 425(a)(1)(A) (20 U.S.C. 1075(a)(1)(A)) is amended—(1) in clause (i)(I), by striking “$2,625” and inserting “$3,500”; and(2) in clause (ii)(I), by striking “$3,500” and inserting “$4,500”.(b) Guarantee Limits.—Section 428(b)(1)(A) (20 U.S.C. 1078(b)(1)(A)) is amended—(1) in clause (i)(I), by striking “$2,625” and inserting “$3,500”; and(2) in clause (ii)(I), by striking “$3,500” and inserting “$4,500”.(c) Federal PLUS Loans.—Section 428B (20 U.S.C. 1078–2) is amended—(1) in subsection (a)(1)—(A) in the matter preceding subparagraph (A), by striking “Parents” and inserting “A graduate or professional student or the parents”;120 STAT. 159(B) in subparagraph (A), by striking “the parents” and inserting “the graduate or professional student or the parents”; and(C) in subparagraph (B), by striking “the parents” and inserting “the graduate or professional student or the parents”;(2) in subsection (b), by striking “any parent” and inserting “any graduate or professional student or any parent”;(3) in subsection (c)(2), by striking “parent” and inserting “graduate or professional student or parent”; and(4) in subsection (d)(1), by striking “the parent” and inserting “the graduate or professional student or the parent”.(d) Unsubsidized Stafford Loans for Graduate or Professional Students.—Section 428H(d)(2) (20 U.S.C. 1078–8(d)(2)) is amended—(1) in subparagraph (C), by striking “$10,000” and inserting “$12,000”; and(2) in subparagraph (D)—(A) in clause (i), by striking “$5,000” and inserting “$7,000”; and(B) in clause (ii), by striking “$5,000” and inserting “$7,000”.(e) Effective Date of Increases.—The amendments made by subsections (a), (b), and (d) shall be effective July 1, 2007.