Republican lawmakers would provide funding for Pell Grants but tighten eligibility requirements. The House version raises the bar for how "full-time" studies are defined -- students would have to earn 30 credits per year to be eligible, for instance, rather than the current 24.

Trump's "Big Beautiful Bill" eliminates existing income-driven repayment plans, bringing a major change for student-loan borrowers.

Here's a breakdown on what borrowing federal student loans will look like after both chambers of Congress passed the mega spending bill.