On July 1, a host of new student loan changes will take effect, impacting borrowers in various ways. The One Big Beautiful Bill Act introduces new repayment plans and borrowing limits, while the end of the Biden-era SAVE repayment plan and the start of two Republican-designed plans will also affect borrowers. The article outlines the changes for different borrower categories, including those enrolled in the SAVE plan, current borrowers with old loans, new undergraduate and graduate borrowers, and parents interested in helping their students pay for college. It also discusses the expansion of Pell Grants for short-term workforce training and the Public Service Loan Forgiveness (PSLF) program. The article emphasizes the importance of borrowers understanding their repayment options and seeking guidance to make informed decisions.
