Federal student loan overhaul could affect millions

Major changes are coming to federal student loans, and millions of borrowers could be affected starting July 1.

In an interview with 7News Anchor Megan Clarke, Betsy Mayotte, president and founder of The Institute of Student Loan Advisors (TISLA), explained how new repayment rules, reduced borrowing limits and the phaseout of some existing plans could impact students, parents and graduates.

Borrowers currently enrolled in the SAVE plan may soon receive notices requiring them to switch to a different repayment option. Meanwhile, new borrowing limits for parents and graduate students could significantly change how families plan and pay for college.

Mayotte also discussed the new Repayment Assistance Plan (RAP), changes to federal loan programs, and the risks borrowers should consider before turning to private student loans.

Watch the full interview to learn what the upcoming changes could mean for your student debt, monthly payments and college financing plans.

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