07/01/2026
Today is Wednesday July 1 and the student loan system just changed for 43 million Americans.
Here is what happened this morning that nobody is breaking down clearly.
The SAVE Plan is officially closed. 7 million borrowers need to pick a new repayment plan within 90 days or their servicer picks for them and it will cost more.
Two new plans launched today. RAP and the Tiered Standard Plan. These are now the only options for anyone borrowing new money going forward.
Graduate student borrowing is now capped. Medical school. Law school. Nursing. The loans that used to cover full cost of attendance are gone or limited.
Parent PLUS loans are now capped at 20 thousand per year and 65 thousand lifetime.
The autopay interest discount just increased from 0.25 percent to 1 full percent starting today. If you are already on autopay your servicer applies it automatically. If you are not you have until September 30 2026 to enroll and get the benefit.
I have a free guide that breaks all of this down in plain language. Comment GUIDE below and I will send it to you right now.
