Federal student loan system to undergo significant reforms starting July 1.

Sweeping changes to federal student loan policies, enacted by the 'One Big Beautiful Bill Act,' are scheduled to begin next month. These reforms will restrict repayment options for new loans, discontinue plans like the SAVE program, and introduce new borrowing caps. Additionally, Grad PLUS loans will be eliminated, and Parent PLUS loans will face annual and lifetime limits, impacting future borrowers significantly.