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.

The proposed changes arrive based on concerns that federal funds have been used to support organizations the administration views as acting outside the law.

With the expiration of pandemic-era relief measures, borrowers are struggling to make payments and keep up their credit scores. Trump’s “Big Beautiful Bill” will make it even harder for future borrowers.