The U.S. Department of Education has introduced a new rule that determines which graduate programs qualify as “professional” degrees for federal student loans, and accounting was left out. Leading accounting organizations have criticized this decision, saying it could make it more difficult for students aiming to become CPAs. 

CPA Practice Advisor reports that under the new rule, students in one of 11 approved professional degree programs, like law, medicine, or dentistry, can receive up to $50,000 in federal loans each year, with a total cap of $200,000. Graduate students in other fields, including accounting, remain limited to $20,500 per year and $100,000 overall.  

The Education Department said advanced accounting degrees are not included because “there is no specific requirement to earn a master’s degree” to become a CPA. The department explained that the main requirement for licensure is finishing 150 credit hours.  

Accounting groups such as the AICPA and NASBA have asked the department to reconsider its decision. NASBA President and CEO Daniel Dustin said, “classifying accounting students as anything other than professionals fundamentally misrepresents the education and licensure required of CPAs.” 

This rule comes as the accounting profession is already struggling to attract new talent, with fewer students enrolling in accounting programs. Industry groups warn that limiting graduate funding could prevent students from getting the additional education often needed to become CPAs.