; and (II) the period of such program that such individual has completed, except that such expected time to completion may not exceed 3 years. (ii) Provisions An individual described in clause (i) shall not be subject to subparagraphs (C) and (D) of this paragraph, or paragraph (4) or (6). . (2) Annual limits for undergraduate borrowers Section 455(a) ( 20 U.S.C. 1087e(a) ) is further amended by adding at the end the following: (4) Annual and aggregate loan limits for undergraduate and all borrowers (A) Undergraduate students (i) Annual loan limits (I) Subsidized loans Notwithstanding any provision of this part or part B, for any period of instruction beginning on or after July 1, 2025, the maximum annual amount of Federal Direct Stafford loans that an undergraduate student may borrow in any academic year (as defined in section 481(a)(2)) or its equivalent shall be the difference between— (aa) the median cost of college (as defined in section 472A) of the program of study in which the student is enrolled; and (bb) the sum of the Federal Pell Grant and Federal Pell Plus Grant under section 401 awarded to the student for such academic year, except that (1) the amount of such Federal Direct Stafford loans awarded to the student for such academic year may not exceed the maximum annual limit described in section 428(b)(1) that is applicable to such student