Significant changes to federal student loan rules are set to take effect on July 1, 2026, impacting various repayment plans, Parent PLUS loans, and graduate student loans. Currently, about 7.5 million borrowers are enrolled in the SAVE repayment plan, which will require action by the deadline to avoid being switched to potentially costlier plans. Parents with Parent PLUS loans must consolidate to maintain eligibility for income-driven repayment options and Public Service Loan Forgiveness (PSLF). The PAYE and Income-Contingent Repayment (ICR) plans will be eliminated by July 1, 2028, affecting borrowers with loans issued after the deadline. New borrowers will have limited options, with only the Standard Repayment Plan and a new Repayment Assistance Plan (RAP) available. The RAP will allow payments based on income, starting as low as $10 per month for those earning under $10,000 annually. Additionally, borrowing limits for graduate and Parent PLUS loans will be capped, emphasizing the importance for borrowers to review their options and take action before the upcoming changes.