The changes in student loan rules are a result of the One Big Beautiful Bill, signed into law last year by US President Donald Trump.

Millions of SAVE borrowers must act before federal student loan rules change as repayment options disappear. Nearly 7.5 million borrowers could face higher monthly payments if they fail to choose a new repayment plan during the transition period.

The SAVE student loan repayment plan is ending after a federal court ruling, impacting millions of borrowers and reshaping repayment options across the U.S.

Millions of federal student loan borrowers face a July 1 deadline that will eliminate several existing repayment plans and restructure the federal loan system. Borrowers who fail to select a new option may automatically be transitioned into higher-cost frameworks,

Democratic lawmakers called on the Education Department to enact student-debt relief for millions of borrowers while defaults are at a record high.

KEY TAKEAWAYS Federal student loan interest rates will rise for the 2026-27 academic year.The Department of Education is also implementing rules that will result in limited funds for certain loan types and majors.

Students' union representatives say recent changes to Alberta's student loan program could present a "financial barrier" for many in the province. The province says it is working to modernize the process and keep education affordable and accessible.

While this has been good news for many, there are still more details and next steps for borrowers to consider, including contacting your loan servicer to receive a refund for any pandemic-era payments and actually applying for federal student loan forgiveness.