Major student loan changes take effect July 1: What to know

A major shakeup to the federal student loan system affecting millions of borrowers will take effect July 1.

The changes mean some Americans -- especially lower-income borrowers -- will face higher monthly payments on their student loans. Other borrowers will face new limits on loans.

Roughly 43 million Americans currently have student loan debt, totaling nearly $1.7 trillion, according to the Office of Federal Student Aid, a division of the Department of Education.
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