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Live: Trump's New Bill Changes Student Loan Repayment
Starting July 1, 2026, how you repay federal student loans will depend more on how much you owe than on a single fixed schedule.
Under Trump’s “Big Beautiful Bill,” the long-standing 10-year Standard Plan is getting a makeover. Instead of everyone paying off loans in 10 years, repayment periods will now be tiered based on loan size—ranging from 10 to 25 years.
Gif by paramountplus on Giphy, My my quite the makeover you’ve had! (*Loan repayment plans*)
At the same time, a new income-driven option called the Repayment Assistance Plan (RAP) will debut, replacing most current IDR plans.
If you’re graduating after 2026 or taking out new loans after that date, these two will likely be your only choices:
The New Standard Plan (tiered by loan amount)
RAP (payments based on your income, with a 30-year forgiveness timeline)
So What?
While these new plans may be the new kid on the block. Whether they are cute and fun to hang around depends on your preferences.
Depending on your financial background, this could mean:
Lower monthly payments for large balances (good for cash flow now).
More total interest paid over time (less good for your future wallet).
New rules to watch—especially “debt cliffs” where going just $1 over a loan threshold could add years of repayment.
Let’s take a closer look at these changes.
Learn: The New Repayment Plans
Here’s how the plans compare so you can see what’s changing:
Standard Plan Comparison
Loan Amount | Old Standard Plan Term | New Standard Plan Term (Starting July 1, 2026) |
|---|---|---|
$0-$24,999 | 10 years | 10 years |
$25k - $49,999 | 10 years | 15 years |
$50k - $99,999 | 10 years | 20 years |
$100k+ | 10 years | 25 years |
Key Difference: Longer repayment periods at higher balances reduce monthly payments but increase total interest paid.
Income-Driven Plan Comparison
Old Income-Driven Repayment (IDR) vs. New Repayment Assistance Plan (RAP):
Feature | Current IDR Plans (SAVE, PAYE, IBR, ICR) | Repayment Assistance Plan (RAP) |
|---|---|---|
Income Basis | Discretionary income (after income protection) | Adjusted Gross Income (AGI) — no income protection |
Payment Range | 10-15% of discretionary income | 1-10% of AGI |
Minimum Payment | As low as $0/month | $10/month |
Forgiveness | 20-25 years | 30 years |
Dependent Benefit | None or limited | $50/month reduction per qualifying dependent |
PSLF Eligibility | Yes, if on qualifying plan | Yes, counts towards PSLF |
Income Protection | Yes — shields part of income from calculation | No — full AGI counts |
Quick Glossary of useful terms:
Discretionary Income: What’s left after subtracting a “protected” amount from your income (old IDRs used this to keep payments smaller).
Adjusted Gross Income (AGI): Your total income minus certain deductions. Usually higher than discretionary income—meaning potentially bigger payments.
Loan Forgiveness: Wiping out your remaining loan balance after a set repayment period (RAP = 30 years; old IDRs = 20–25 years).
Income Protection: The buffer in old IDR plans shielding some income from repayment calculations. This is gone in RAP.
Dependent Benefit: $50/month off your RAP bill per qualifying dependent.
PSLF (Public Service Loan Forgiveness): Forgives loans after 120 qualifying payments while working for a qualifying employer. RAP still counts toward PSLF.
So what should you be thinking about right now?
You should borrow only what you need. Crossing an income threshold adds years to your loan term that you may not need.
Check your graduation year to know which rules will apply to you. Unless you are class of 2026 though, these changes will apply to you.
Understand that lower monthly payments may mean higher total costs down the line.
Leverage: StudentAid.gov
This is the government’s official hub for federal student loan info. Anything you need to know, they got it here, just maybe not in the most visually appealing format.
You can find useful tools like repayment calculators and information such as plan comparisons and updates on 2026 changes.
Pros:
Accurate and current information.
Repayment estimators to test scenarios.
Includes forgiveness program details.
Cons:
A government website: Meaning text-heavy and can be confusing to navigate.
I spent a lot of time on the website trying to decipher these changes so don’t feel bad if you are confused. It’s about as appealing as a cinnamon roll frosted with spaghetti sauce. You can use an AI to try to understand things better too.
Also, quick reminder that I am not sponsored by any of the tools I note here. I wish I was! These are just the tools I use.
Launch!
Have a loan repayment plan.
Log into your loan account today and map your current repayment plan. If you’re graduating after July 1, 2026, run your numbers on StudentAid.gov to decide whether the Standard Plan or RAP fits your goals.
This also goes if you have any other loans. Have a plan for how you are going to pay them off, make your own repayment plan.
And always know exactly when you’ll be debt-free. That date may be more important than your wedding. Who cares about that anyway?
Pop a bottle of champagne (or your preferred beverage) to celebrate for me.
;)
Hey!
Thank you so much for being a part of this newsletter. I am grateful to write to you weekly and I hope this helps you feel more confident with your finances.
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Thank you for helping me (and your friend) out!
—Ben Brosnahan
