The megalaw reduces the number of federal student loan repayment options and places a cap on how much individuals can can borrow for higher education.

The new "Big Beautiful Bill" overhauls student loans—cutting plans to two, capping borrowing, ending some deferments and changing Pell Grant eligibility starting in 2026. Here's what you need to know as a student or borrower.

Republican Sen. Bill Cassidy's Educational Choice for Children Act tax credit, a provision included within the megabill, provides a charitable donation incentive for individuals and businesses to fund scholarship awards for students to cover expenses related to K-12 public and private education starting in 2027.