Changes to student loans are taking effect July 1. Here’s what to know

The U.S. Department of Education building is seen in Washington, Nov. 18, 2024. (AP Photo/Jose Luis Magana, File)

NEW YORK (AP) — Changes to federal student loans expected to affect millions of borrowers are taking effect July 1. A part of President Donald Trump’s “Big Beautiful Bill,” these changes mean the end of some payment plans and new limits for graduate loans.

Along with the end of the Biden-era SAVE plan, the changes are expected to raise the cost of payments for millions of borrowers.

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