Changes are coming to federal borrowing for student loans. Here's what to know

New on W. L. W. T. Big changes coming to how students and parents will borrow federal money to help pay for college. This is all under the recently signed big, beautiful bill. And there are two main changes here. First, there will be limits on borrowing for federal student loans under the parent plus program. Pan plan. Parents will be able to borrow only $20,000 per year or $65,000 per undergraduate student. There will also be a reduction in the number of repayment options that you can choose. So under the repayment assistance plan, borrowers who take out loans after July 1st next year will be allowed to pay based on income borrowers whose federal student loan interest payments were halted under the Biden administration will now have to pay that interest beginning on August 1st. There are other ways to get financial help besides federal loans. Some of those options, scholarships, grants and work study jobs. The deadline for that 2025 to 2026 school year ends on June 20th, June 30th, 2026.