What to know about the major student loan changes coming July 1

Big student-loan overhaul starts July 1: repayment options are being simplified and new rules will reshape how loans are repaid for new borrowers.
The SAVE plan is being wound down — about 7.2 million enrollees will need to pick a new repayment option soon or be auto-enrolled, so borrowers should update contact info and check servicer messages.
New borrowing caps (limits on Parent PLUS, grad/professional loans and a $257,500 lifetime cap) plus Pell Grant rule changes (expanded to short-term workforce programs but tighter asset/award limits).