Federal financial‑aid rules set under the 'One Big Beautiful Bill' will curtail access to some student loans, reshape repayment options, and introduce targeted grant funding for short‑term workforce training starting July 2026. Education Department negotiations with experts since November aim to finalize implementation details early this year. Policy changes will tighten borrowing eligibility, alter repayment calculations, and expand grant support for certificates and short credentials—moves that could shift enrollment toward non‑degree programs and force colleges to rework tuition strategies. Separately, policy changes will affect borrowers already delinquent: agencies plan to narrow relief options in 2026, prompting advocates to urge immediate borrower action to mitigate harm.