What to know about the major student loan changes coming July 1

Major changes are coming to the student loan landscape starting July 1 that will limit how much Americans can borrow and their repayment options.

Those changes are a result of the One Big Beautiful Bill Act, which President Trump signed into law last year. The Education Department 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, which stands at almost $1.9 trillion, according to LendingTree.

Borrowers enrolled in the Biden-era Saving on a Valuable Education, or SAVE, plan are also facing major changes as the Trump administration moves to wind down the program and shift borrowers into new repayment options. Loan payments for the roughly 7.2 million people enrolled in SAVE have been on pause for two years as a legal battle over the program's fate played out.

Read more from CBS News.