NPR.

This is the indicator from Planet Money.

I'm Adrian Ma.

After home and auto loans, student loans are the third largest category of debt that consumers

hold.

Now, the vast majority of these are issued through the federal government.

And some 43 million people have federal student loan debt.

So if this is you, or you're thinking about taking out a new loan, then July 1st is a date you should pay attention to.

Because big changes are coming to this very big program.

It's huge.

And it's huge because it's not one thing.

It's not two things.

It's, you know, I can name a dozen things off the top of my head, large and small, that are changing, that will affect, in all, probably most borrowers.

Corey Turner covers education for NPR.

And some of them will be felt immediately, and others could end up changing the system

considerably without anyone ever really noticing or understanding, huh, why did that happen?

Yeah, why is this happening? And what did these changes mean for current and future borrowers?

That is what we're talking about on today's show.

After the break, we'll have a conversation with Corey about the biggest overhaul

to the federal student loan system in decades.

About a year ago, Republicans in Congress passed a sprawling piece of legislation, the so-called

One Big Beautiful Bill Act, and among its many provisions, a major overhaul of the federal

...