The Trump administration's "Big Beautiful Bill" means big changes to student loans. Here's what current and future borrowers need to know
BreakdownGenerated by LeadStory AI
- Several existing repayment plans, including Pay As You Earn and SAVE, will be phased out by July 2028. 33s
- Borrowers will transition to a new Repayment Assistance Plan (RAP), which is expected to raise monthly payments. 1m 0s
- New borrowers face stricter borrowing caps and are limited to two repayment plans. 1m 30s
- Borrowers can now rehabilitate out of default twice instead of once. 1m 25s
- Existing borrowers who consolidate loans after July 2026 will be treated as new borrowers. 2m 1s