The millions of Americans with student loans, who have already experienced whiplash in federal policy since the pandemic, must again brace for change.The "big, beautiful bill" that President Trump signed into law on July 4 overhauls the federal student loan system by reducing the number of repayment plan options down to two from seven and capping the amount individuals can borrow for higher education.

Many Americans received an email from the Social Security Administration applauding the megabill's passage. Experts say it was misleading.