Smith Collection | Gado | Archive Photos | Getty Images More graduate students are likely to take out private education loans after new federal loan caps were established in President Donald Trump's  One Big Beautiful Bill Act . That prospect is worrying, consumer advocates and other financial experts say — private lenders are likely to reject many student applicants because of their credit scores or income, and those who are approved could face more expensive borrowing terms . "We cannot assume the private market will step in to fill federal loan gaps," said Carolina Rodriguez, director of the Education Debt Consumer Assistance Program in New York. "That reality will directly impact who can afford to enter critical professions." The legislation passed in July eliminates the Grad PLUS federal loan program, which allowed graduate students to borrow up to the entire cost of their degree.…