Federal student loan overhaul takes effect July 1: What borrowers need to know
By
, USA TODAY
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Summary
Major federal student loan changes take effect July 1, stemming from President Trump's tax and spending package passed last July. The overhaul eliminates some repayment plans, introduces new ones, and adds new loan limits. Experts urge borrowers to review their options now before choices narrow, as the simultaneous changes could significantly impact family budgets and loan management strategies.
Key quotes
· 3 pulledOne of the biggest federal student loan overhauls in decades is coming July 1, and borrowers should start preparing now, experts said.
President Donald Trump's signature tax and spending package passed last July enacted sweeping changes to the way families can borrow to pay for school.
Since there will be so many changes at once, experts are warning students to learn about them now so they can choose plans that best fit their budgets.
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