Millions of borrowers currently enrolled in certain income-based repayment plans will have to move to another option within the next three years.

The legislation phases out a number of existing federal student loan plans and puts a cap on the amount of money families can borrow.

The act will also restrict Pell grant eligibility to students with unmet financial need from states and higher education institutions, while increasing total Pell funding by $10.5 billion.

In my view, the “big, beautiful bill” represents a missed opportunity to leverage fiscal policy to address the American wealth and income gap. Instead of investing in programs to lift up low- and middle-income Americans, the bill emphasizes a regressive approach that will further enrich the wealthy and deepen existing inequalities.

The "big, beautiful bill" offers tax breaks that can benefit small-business owners — but it may have additional impacts that aren't so favorable.