1. Short title This Act may be cited as the Responsible Borrowing Act of 2023 . 2. Institutional determined limits Section 455(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(a) ) is amended by adding at the end the following new paragraph: (4) Institutional Determined Limits (A) In General Notwithstanding any other provision of this Act, an institution of higher education (at the discretion of a financial aid administrator at the institution) may prorate or limit the amount of a loan any student enrolled in a program of study at that institution may borrow under this part for an academic year or in the aggregate— (i) if the institution can reasonably demonstrate that student debt levels are or would be excessive for such program, based on— (I) the most recently available data from the Bureau of Labor Statistics for the average or median starting salary in the region in which the institution is located for typical occupations pursued by graduates of such program; or (II) the most recently available data from the College Scorecard (or successor website) on the median earnings of students who complete such program; (ii) in a case in which the student is enrolled on a less than full-time basis or the student is enrolled for less than the period of enrollment to which the annual loan limit applies under this part, based on the student’s enrollment status; (iii) based on the credential level (such as a degree, certificate, or other recognized educational credential) that the student would attain upon completion of such program