How OBBBA reshapes student lending
Adam Looney, Jordan Matsudaira, and Clare McCann
This report provides a comprehensive summary of the student loan provisions of the OBBBA legislation, signed into law in the summer of 2025. Once it takes effect (many provisions begin in 2028), the law will remake the student loan repayment system, limit borrowing for graduate and professional students, create new institutional accountability rules, and expand eligibility for the Pell Grant to short-term, career-oriented training programs. Details about the implementation of the reforms remain uncertain, including the timeline of migrating the repayment system, especially considering the reduction in staff at the Department of Education.
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