Major changes are coming to the student loan landscape starting July 1 that will limit how much Americans can borrow and their repayment options. Those changes are a result of the One Big Beautiful Bill Act, which President Trump signed into law last year. The Education Department has framed the overhaul as a way to streamline the student loan system, which currently consists of seven repayment plans, and rein in student loan debt, which stands at almost $1.9 trillion , according to LendingTree.