New student loan rules take effect July 1: Fewer repayment and forgiveness options for borrowers
By
Annie Nova
Hot, fresh, and worth queueing round the block for.
Summary
Student loan borrowers face significant changes starting July 1 due to President Trump's One Big Beautiful Bill Act. Those who borrow federal student loans after this date will be classified as "new borrowers" rather than "legacy borrowers," subjecting them to fewer repayment and debt forgiveness options. Experts advise caution when taking on new student loan debt or consolidating existing loans, as the new rules eliminate several pathways that were previously available.
Key quotes
· 2 pulledBe very careful when it comes to taking out new student loans
Those who borrow federal student loans after July 1 will go from a 'legacy borrower' to a 'new borrower,' subject to a heap of different rules included in the legislation
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