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Major student loan changes take effect July 1: What to know
The changes mean some Americans will face higher monthly student loan payments.
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.
Education Secretary Linda McMahon, whose mission is to shutter the department, has said the Trump administration will no longer tolerate American taxpayers taking on the debts that are not their own.
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