July 1 marks the most sweeping overhaul of federal student loans in decades, affecting all borrowers. New Parent PLUS loans will be capped at $20,000 annually and $65,000 total, with only a tiered standard repayment plan available, while existing Parent PLUS borrowers who consolidate before July 1 can retain access to income-contingent repayment and income-based repayment plans. Graduate students face elimination of Grad PLUS loans for new borrowers and a new lifetime limit of $100,000, or $200,000 for professional programs, with repayment limited to tiered standard or Repayment Assistance Plan options. The SAVE repayment plan officially ends, giving 7 million borrowers 90 days to switch plans or be automatically moved to the tiered standard plan. Borrowers who enroll in automatic payments will receive a 1% interest rate reduction through June 30, 2028.