By next summer, new borrowers will have just two repayment options, streamlining the previous menu to pay off higher-education debt. Here’s what to know.

In short, the bill will "roll back student loan protections and cap the amount students can borrow for graduate programs," said The New York Times, making repayment options and borrowing opportunities fewer. While the changes are projected to result in government savings, there are concerns that they could further reduce college affordability.

Following the passage of President Trump's sweeping budget bill, here's some of the biggest changes to student loans.

If you are getting a student loan or paying one off, here's what you need to know about changes under Trump's "Big Beautiful Bill."

The Education Department said it will soon begin reaching out directly to the nearly 7.7 million borrowers currently enrolled in the SAVE Plan, with instruction on how to begin making payments again.