The Senate’s final version of the One Big Beautiful Bill was released last night, and it introduces a complete overhaul of student loan repayment – for both existing borrowers and new borrowers. This comes after last minute changes removed some key provisions GOP lawmakers wanted.
For new borrowers who take out student loans after July 1, 2026, they will only have two options: a new Standard Plan, or an income-driven repayment plan called the Repayment Assistance Plan (RAP). Furthermore, new borrowers will face lower student loan borrowing limits and changes to loan types.
For existing borrowers, there will not be immediate changes, but…
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