Expect major changes to student loans starting July 1, limiting how much Americans can borrow and their repayment options. It’s all part of the One Big Beautiful Bill Act, which President Trumpsigned into law last year. The U.S. Department of Education has framed the overhaul as a way to streamline the student loan system, which currently consists of seven repayment plans, and rein in student loan debt. It stands at almost $1.9 trillion, according to LendingTree.
Metropolitan State University of Denver mechanical engineering student Ismael Atayde is among those who will navigate these changes. “I rely a lot on financial aid to help me through,” he said.
Financial aid is part of his everyday life. Not only does he work at the MSU Denver Office of Financial Aid, but he also relies on those funds to make ends meet, “Financial aid helps me pay for my tuition. It also helps with other costs outside of school. transportation, housing, food, things like that.”
New rules introduced will impose stricter limits on how much students can borrow to finance their studies. “They can expect fewer loan options in terms of federal loans,” said Jennifer Helgeson, MSU Denver Office of Financial Aid and Scholarships Director of Compliance…