Summary
Significant changes to federal student loan repayment will begin on July 1 due to President Donald Trump's One Big Beautiful Bill Act. These changes will affect new borrowers immediately, while existing borrowers will have two more years under their current plans. Parent PLUS loan holders need to review their options before new restrictions apply.
Key Facts
- Over 43 million Americans have federal student loan debt.
- New changes to loan repayment start on July 1, affecting new borrowers.
- Existing borrowers can remain on old plans for an additional two years.
- The changes result from President Donald Trump's One Big Beautiful Bill Act.
- People with Parent PLUS loans must consider their options carefully due to upcoming restrictions.
- The repayment landscape for federal student loans will change significantly.
