Federal student loan plans are undergoing a significant overhaul. Borrowers will now have two new options to consider. The changes affect those taking out federal student loans after a certain date.

A major shift in federal student aid is happening, bringing new repayment plans. This change impacts new borrowers, who will enter repayment under these updated plans.

Further details about the new plans and their implications are available, including how they may impact savings, credit, and major purchases.