How you borrow, pay off student loans may change on July 1: What to know

If you owe back federal student loans, or are hoping to get some soon, you could be impacted by the widespread changes rolling out on Wednesday that cut back on repayment options and cap borrowing limits.

More specifically, on July 1, the Biden-era Saving on a Valuable Education plan (better known as the SAVE plan) will end, limits will be imposed on how much graduate students and parents (through the Parent PLUS loans) can borrow in federal student loans, and a graduate borrowing program will end...