“With many of those plans officially being phased out, July 1 will mark the start date for the alterations passed through the One Big Beautiful Bill Act,” Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. “The most relevant change is for borrowers that were on a repayment assistance plan. Starting next week, there will be one consolidated income-based repayment plan, and unlike past efforts, a minimum payment will be required each month.”
