Student Loan SHOCKER: What Trump's Spending Bill REALLY Means for You!

President Trump's recently passed spending bill is causing major ripples in the student loan landscape. While hailed by some as a victory, many are left wondering what the changes will mean for their financial future. Let's break down the key impacts of this sweeping legislation.

New Caps on Student Loans: A Ceiling on Your Dreams?

The bill imposes significant new limits on how much you can borrow. Graduate students now face a lifetime cap of $100,000, while medical and law students are capped at $200,000. This could make pursuing advanced degrees significantly more challenging for many.

Student Loan Repayment: The New Rules of the Game

Gone are the days of multiple repayment options tailored to your income. The bill simplifies things, but not necessarily for the better. Now, you'll primarily choose between a standard 10-25 year repayment plan (based on loan amount, not income) or a "Repayment Assistance Plan" where monthly payments range from 1% to 10% of your discretionary income. This could leave many lower-income borrowers struggling.

Parents: Feeling the Pinch

The bill also impacts parents hoping to help their children through college. Parent PLUS loans are now capped at $65,000 and are no longer eligible for certain repayment programs. This significantly reduces the financial assistance available to many families.

What About the SAVE Plan?

Millions of borrowers are enrolled in President Biden's SAVE (Saving on a Valuable Education) repayment plan. The future of SAVE is uncertain, with borrowers facing a transition to a new repayment plan between July 2026 and June 2028. Failure to choose a new plan by July 1, 2028, will automatically enroll them in the income-based Repayment Assistance Plan.

Who's Unaffected?

It's important to note that these changes primarily impact *new* federal student loan borrowers. Those already burdened with student loan debt will largely see their existing plans remain in place, at least for now.

This bill represents a significant shift in student loan policy. Understanding these changes is crucial for anyone considering higher education or currently managing student loan debt. Be sure to consult with a financial advisor for personalized guidance.

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