Financial aid professionals are warning that federal student loan changes embedded in the “One Big Beautiful Bill” may need institutional systems work to begin without final regulatory rules ahead of July 1 implementation. The concern: institutions may be pushed into manual calculations for portions of fall 2026 aid eligibility if software vendors cannot build updates without stable guidance, disrupting the normal operational peak for aid packaging and enrollment. For universities and colleges, the story is a systems risk alert—one that can affect student enrollment decisions, compliance workflow capacity, and institutional ability to maintain timely award communications during the summer processing cycle.