One Big Beautiful Bill Act Web Center
This web center is dedicated to tracking the implementation of the One Big Beautiful Bill Act (OB3 or OBBBA), sometimes also referred to as the "Working Families Tax Cuts" Act, which was signed into law on July 4, 2025, through the budget reconciliation process. As this legislation contains significant provisions that reshape student financial aid, NASFAA has created this resource to keep members informed about the latest analysis, guidance, and regulatory developments as they occur.
Background
Budget reconciliation is a legislative process often used when there is a unified government, meaning one political party controls the House of Representatives, the Senate, and the White House. Reconciliation legislation can include statutory programmatic changes, but they must directly impact the federal budget. The advantage of making changes via budget reconciliation for the party in control is that it only requires a simple majority to pass each chamber of Congress.
Resources
Summary Charts
- Gainful Employment/Financial Value Transparency Regulations vs. STATS/Earnings Accountability Regulations (Updated May 2026)
- Flowchart: Student Loan Repayment Plan Options As of July 1, 2026 (Updated May 2026)
- Student Loan Repayment Plan Options As of July 1, 2026 (Updated May 2026)
- *UPDATED* Flowchart: Ineligibility for Federal Pell Grants Due to Receipt of Non-Federal Financial Assistance (Updated June 2026)
- Flowchart: 2026-27 & Beyond Graduate/Professional Student Loan Borrowing Limits (Updated May 2026)
- *UPDATED* Federal Student Aid Changes from the One Big Beautiful Bill Act (Updated June 2026)
Implementation Checklists
- Accountability Framework Planning & Implementation Checklist
- Federal Pell Grant Changes Planning & Implementation Checklist
- (Updated May 2026)
- OB3 Loan Changes Planning & Implementation Checklist (Updated May 2026)
Leadership Brief One-Pagers
- *UPDATED* Federal Pell Grant Changes From the One Big Beautiful Bill Act: Brief for Campus Leadership (Updated June 2026)
- Accountability Changes from the One Big Beautiful Bill Act: Brief for Campus Leadership
- Loan Changes from the One Big Beautiful Bill Act: Brief for Campus Leadership (Updated May 2026)
Modeling Tool
-
Federal Loan Funding Gaps Modeling Tool (Updated May 2026)
Communications Toolkits
- Communications Plan Checklist: Use this checklist to ensure that your students and families understand the changes coming as a result of the One Big Beautiful Bill Act. (Updated May 2026)
- Student and Parent Facing Resources: Share these resources with your current and prospective student and parent borrowers to educate them about the upcoming changes to the federal student loan programs (Updated May 2026):
- Private Education Loan Resources - Several resources to help advise student and parent borrowers on the differences between federal and private education loans, private education loan terms and conditions, and how to choose a private education lender.
On-Demand Webinars
- Pell Grant Eligibility Changes & Accountability for Low Earnings Outcomes: Takeaways from the OB3 AHEAD Committee (members-only)
- Loan Limits, Repayment, and Definitions: Takeaways from the OB3 RISE Committee
Regulatory Text
- Final Regulatory Text, AHEAD Negotiated Rulemaking Committee
- Final Regulatory Text, RISE Negotiated Rulemaking Committee
- Proposed Regulatory Text, AHEAD Negotiated Rulemaking Committee
- Proposed Regulatory Text, RISE Negotiated Rulemaking Committee
AskRegs Articles 
- How Will Three Academic Years For Expected Time To Credential Be Calculated For SAYs and BBAYs Under the OBBBA?
- How Are Professional Student and Professional Degree Defined For Direct Loan Purposes Effective July 1, 2026? (Award Year: 2026-27>)
- Does Changing Majors Disqualify Parent PLUS Borrowing Under the Loan Limit Legacy Provisions? (Award Year: 2026-27>)
- Does a Student Need To Have Previously Borrowed a Graduate PLUS Loan To Qualify For the PLUS Legacy Provision? (Award Year: 2026-27>)
- Can a Student Or a Parent PLUS Borrower Opt Out Of the Direct Loan Legacy Provisions? (Award Year: 2026-27>)
- When Is a Direct Loan Considered "Made" For the OBBBA Loan Limit Legacy Provisions? (Award Year: 2026-27>)
- Does the Annual Loan Limit Adjustment For Less-Than-Full-Time Enrollment Apply To Undergraduates, Graduates, and/or Parents? (Award Year: 2026-27>)
- After Setting an Institutional Loan Limit For a Program of Study, Can the School Use PJ to Increase the Limit On a Per Student Basis? (Award Year: 2026-27>)
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OB3 Negotiated Rulemaking Coverage
- Reimagining and Improving Student Education (RISE) Committee
- Accountability in Higher Education and Access through Demand-driven Workforce Pell (AHEAD) Committee
Additional OB3 News Coverage
- May 26, 2026 - ED Provides Schedule and Links for Upcoming OBBBA Webinars and Virtual Office Hours
- May 22, 2026 - ED Publishes FAQ Addressing New OBBBA Loan Limits, Questions Remain
- May 22, 2026 - OTC AskRegs Experts: Diving Into Schedule of Reductions (SOR)
- May 20, 2026 - NASFAA Deep Dive: ED Releases Final Rule for Pell Grant Provisions of OBBBA
- May 20, 2026 - Coalition of 25 States Sue ED Over OBBBA Loan Limits, Claim New Rule Will Worsen Workforce Shortages
- May 15, 2026 - McMahon Testifies on Trump’s FY 2027 Budget Request, OBBBA Implementation, and 'Dismantling' ED
- May 15, 2026 - OTC AskRegs Experts: RISE Final Rules and the Latest on NSLDS Post-Screening
- May 11, 2026 - Lawmakers Introduce Resolution to Rescind OBBBA Student Loan Rule
- May 8, 2026 - OTC Inside The Beltway: Working Through OBBBA Guidance With Blue Icon
- May 6, 2026 - ‘This Is a National Problem:’ Under a Compressed Timeline, Schools With Summer Programs Are Struggling to Implement New Financial Aid Regulations
- May 1, 2026 - ED Publishes Final Regulations Implementing OBBBA Federal Student Loan Changes
- April 29, 2026 - McMahon Defends President Trump’s FY 27 Budget Request at Senate Appropriations Hearing
- April 24, 2026 - OTC AskRegs Experts: Graduate PLUS Loans Will Now Count Toward New Lifetime Borrowing Limit and Other OBBBA Updates
- April 21, 2026 - In a Reversal, ED Says Graduate PLUS Loans Will Count Toward New Lifetime Borrowing Limit
- April 21, 2026 - ED Issues Proposed Regulations for New STATS Earnings Accountability Framework
- April 16, 2026 - FSA Provides Updated Student-Facing OBBBA Information on New Loan Limits, Repayment Plans
- April 13, 2026 - Report: Nearly 40% of Americans Would Be Denied a Private Student Loan
- April 3, 2026 - FSA Announces Dates for Two New Q&A Webinars on OBBBA
- March 13, 2026 - OTC AskRegs Experts: Recapping the FSA Training Conference and More OBBBA Updates
- March 11, 2026 - ED Announces Upcoming FAFSA System Updates Related to OBBBA
- March 9, 2026 - FSA’s Federal Update Details New Webinar Series and Works Through OBBBA Provisions
- March 6, 2026 - FSA Training Conference Commits to Another ‘Early December’ In Person Conference and Provides Updates on Workforce Pell, OBBBA, and More
- March 5, 2026 - McMahon Recounts First Year Priorities, FAFSA Launch, Focus on ROI, OBBBA Implementation, and More During FSA’s In-Person Conference
- March 4, 2026 - White Paper: Additional Actions Need to Be Taken to Reform Graduate Education Financing
- February 18, 2026 - New Analysis Looks at How OBBBA Will Impact Government Costs of Federal Student Loans
- February 13, 2026 - OTC AskRegs Experts: Debriefing Data Analyses of OBBBA's New Accountability Metrics
- February 12, 2026 - NASFAA Participates in Panel on New Professional Degree Definition
- February 12, 2026 - Senate Democrats Release Report About OBBBA Impact on Private Student Loan Lenders
- February 5, 2026 - After Passage of OBBBA, Lawmakers Debate Solutions to Counter Increasing College Costs
- February 4, 2026 - Deep Dive: Understanding Analyses of New Accountability Frameworks Under the One Big Beautiful Bill Act
- January 30, 2026 - ED Publishes NPRM to Implement Student Loan Changes Enacted Under OBBBA
- January 23, 2026 - OTC AskRegs Experts: Tracking OBBBA’s Implementation Timeline
- January 20, 2026 - Involuntary Collections on Defaulted Student Loans Delayed While ED Rolls Out OBBBA
- January 9, 2026 - OTC Inside the Beltway: Looking at the Year Ahead for Higher Ed
- November 21, 2025 - OTC AskRegs Experts: Defining a ‘Professional Student’ and NASFAA’s Recent Public Comments
- October 16, 2025 - Experts Discuss How New Loan Limits Will Impact Students
- October 2, 2025 - ‘This Is a Whole New Territory:’ Neg Reg Committee Makes Progress on Definition of Professional Student
- August 19, 2025 - ED Details 2026-27 FAFSA and Pell Grant Eligibility Changes Due to ‘One Big Beautiful Bill Act’
- August 13, 2025 - Analysis: Many Will Be Shut Out of Graduate Education Due to 'One Big Beautiful Bill Act'
- July 25, 2025 - ED Announces Two Neg Reg Committees Focused on New Provisions Under One Big Beautiful Bill Act
- July 22, 2025 - Effective Upon Enactment: ED Outlines Reconciliation Guidance and Timeline for HEA Updates
- July 7, 2025 - Trump Signs Sprawling Reconciliation Package Into Law, Here’s How it Impacts Higher Ed
NASFAA Statements
- *NEW* June 2, 2026 - Member Preview of NASFAA's Comments on Proposed Changes to Joint Consolidation Loan Separation Application
- *NEW* June 2, 2026 - Member Preview of NASFAA's Comments on Proposed Changes to Master Promissory Forms
- May 26, 2026 - NASFAA Submits Comments on COD, NSLDS Updates
- May 21, 2026 - NASFAA Comments on Regulations for Accountability Framework of OBBBA
- May 11, 2026 - NASFAA Requests Institutional Flexibilities for OBBBA Implementation
- April 14, 2026 - NASFAA Signs Onto Community Letter Commenting on ED’s Proposed Implementation of Workforce Pell and Pell Eligibility
- April 9, 2026 - NASFAA Comments on Regulations for Pell Provisions of OBBBA
- March 3, 2026 - NASFAA Comments on Regulations for Student Loan Provisions of OBBBA
- March 2, 2026 - NASFAA, Higher Ed Organizations Call on ED to Expand the List of Professional Degree Programs, Improve Neg Reg Process
- August 28, 2025 - NASFAA Submits Comments Regarding ED's NegReg Committees Focused on New Provisions Under the 'One Big Beautiful Bill Act'
- July 25, 2025 - Excluding Financial Aid Community Jeopardizes Successful Implementation of Student Aid Reforms
- July 3, 2025 - NASFAA Statement on Passage of Reconciliation Bill
- June 11, 2025 - NASFAA Statement on Senate Reconciliation Bill
- April 29, 2025 - NASFAA Statement on House Reconciliation Bill
Publication Date: 6/5/2026
