"Millions of federal student loan borrowers are facing new rules today as changes under the federal government's tax and spending law take effect," Local 3 News reports.

... "We spoke with Megan Walter, Senior Policy Analyst with the National Association of Student Financial Aid Administrators, to help break down these changes."

"'The One Big Beautiful Bill, which was signed into law last July 4, 2025, has really created the first significant changes to the federal student aid system in a couple of decades,' says Walter."

... "'Historically, the repayment plan landscape has been really complicated. There's been multiple repayment plans, so it will be narrowed down to just two options for people who are borrowing student loans today and after,' says Walter."

.... "Experts say that before borrowing, changing schools, or making enrollment decisions, students should first speak with their financial aid office."

"'Once you make these decisions, they're really not reversible, and they really could have some long-term impacts,' says Walter."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 7/1/2026