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Student Loan Updates: Borrowing Limits and Repayment Plans Under the New Tax Bill
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I’m diving into the One Big Beautiful Bill Act and how it impacts student loan borrowers. This new legislation introduces changes to borrowing limits, updates to repayment plans, and raises important questions for legacy borrowers still managing older loans.
If you’ve been wondering how these updates affect your education financing or what steps you should take to prepare, you’re in the right place. My goal is to provide clear explanations and practical resources so you can confidently navigate the new student loan rules under this tax law.
Listen and Subscribe Here
I’m diving into the One Big Beautiful Bill Act and how it impacts student loan borrowers. This new legislation introduces changes to borrowing limits, updates to repayment plans, and raises important questions for legacy borrowers still managing older loans.
If you’ve been wondering how these updates affect your education financing or what steps you should take to prepare, you’re in the right place. My goal is to provide clear explanations and practical resources so you can confidently navigate the new student loan rules under this tax law.
Also mentioned in today’s episode:
01:00 Introduction to the One Big Beautiful Bill Act
06:42 New Borrowing Caps and Repayment Plans
13:31 Navigating Legacy Borrower Challenges
Takeaways
The One Big Beautiful Bill Act is significant legislation to focus on.
New student loan borrowers will have only two repayment options after July 2026.
The SAVE program is ending, impacting many borrowers.
New lifetime caps on borrowing for education will be implemented.
Half a million borrowers may see increased payments due to changes.
Low and middle-income students may struggle with graduate school costs.
The RAP plan offers more flexible repayment options for borrowers.
It's crucial to stay informed through reliable resources and articles.
Navigating student loans requires careful consideration and action.
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Other Sunlight Tax podcast episodes about OBBBA:
Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits
New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
Links:
Help article by Tara Siegel Bernard from the New York Times
This article on the NPR website, by Cory Turner
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
What are your money concerns?
Suggest a blog topic for Hannah here.