Changes are coming to student loans. How might it affect you?
6/10/202610 min
Some 43 million Americans hold federal student loans.
If you're one of them - or planning to be - some major changes are coming beginning July 1, including new loan limits and an overhaul of repayment plans.
How might these changes affect you? NPR education correspondent Cory Turner spells out the changes that are coming and what to expect.
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This episode was produced by Kathryn Fink, with audio engineering by Ted Mebane.
It was edited by Nicole Cohen and Tinbete Ermyas.
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Clips
Transcript preview
First 90 secondsMary Louise Kelly· Host0:00
It's Consider This, where every day we go deep on one big news story. Today, the end of an era for student loans. On July 1st, big changes are coming for more than 43 million student borrowers in the US as part of the Republicans' One Big Beautiful Bill Act.
Speaker 2· Soundbite0:18
I was paying under the SAVE program before, and it was affordable enough for me to handle.
Mary Louise Kelly· Host0:23
That's a listener who called into the NPR program One A last year.
Speaker 2· Soundbite0:28
At this point, I don't know how much they're gonna ask, and I don't know how they're calculating that, and that's a really scary thing.
Mary Louise Kelly· Host0:35
In a matter of weeks, President Biden's SAVE repayment plan will end. There will also be changes to student loan forgiveness and new limits on the amount of money the federal government will lend.
Tommy Tuberville· Soundbite0:48
We gotta get out of it. We tried to do it in the Big Beautiful Bill. Uh, I was able to get, uh, half of the, the student loans cut for master's degrees. I couldn't get any more than that cut.
Mary Louise Kelly· Host0:58
Republican Senator Tommy Tuberville of Alabama speaking to Fox Business in April.
Tommy Tuberville· Soundbite1:03
Uh, it'll save us millions of dollars, but we could cut it all out, uh, all of it out at one time and say, "Go back to your bank. If you want a student loan, go back to your bank."
Mary Louise Kelly· Host1:12
Consider this: Major changes are coming to student loans. How will they affect borrowers across the US? [gentle music] From NPR, I'm Mary Louise Kelly.
Speaker 41:26
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