Changes to federal student loans that are expected to affect millions of student loan borrowers are taking effect as of July 1. A part of President Trump’s “Big Beautiful Bill,” these changes mean the end of some payment plans and new limits for graduate loans. Along with the sunsetting of the Biden-era SAVE plan, these changes are expected to raise the cost of payments for millions of borrowers. Around 9 million Americans are in default on their federal student loans as of June, according to the Education Department. Hundreds of thousands more are behind on loan payments and at risk of default this year.