The bill overhauls how new borrowers can pay back their loans and imposes new limits for how much they can take out.

The bill, if signed into law by President Donald Trump, would bring about major changes to the federal loan system.

Student loan borrowers could see their monthly payments spike under President Trump’s “big, beautiful” bill — which would cut down a handful of repayment options to just two. Changes under the GOP spending bill will hit borrowers taking out loans next summer and any point after – as well as the 8 million Americans stuck in limbo on the Biden-era SAVE plan,