4 things student loan borrowers should do before July 1 Major changes to federal student loan policies are set to take effect on July 1, impacting repayment plans, borrowing limits, and existing programs. Borrowers need to actively manage their loans rather than wait and see, as the system will become more complex to navigate. Taking proactive steps now can help borrowers adjust to the new landscape and minimize negative impacts on their loan balances and monthly payments.

• Federal student loan rules are changing significantly on July 1, requiring borrowers to actively manage their accounts.
• Key changes include the streamlining of repayment plans, new borrowing caps, and the phasing out of certain programs like SAVE.
• Borrowers should review their repayment plan options and understand how new plans like the Repayment Assistance Plan (RAP) might affect them.
• Graduate and parent PLUS loan borrowers should determine if they qualify for grandfathered rules before new limits and program eliminations take effect.
• Families need to reevaluate their college financing strategies, exploring alternatives to previously planned loan options.
• It is crucial to update contact information with loan servicers and the Department of Education and to save important loan documentation.