Recent changes to federal student aid are reshaping how families save, borrow, and plan for college. From new loan limits and repayment options to changes in Pell Grants and expanded uses for 529 plans, understanding the new rules can help families make more informed decisions about paying for higher education.

President Joe Biden announced on Wednesday, August 24, 2022, that a student loan forgiveness plan would go into action this year for federal loan borrowers.