On Tuesday, the Senate passed the “One Big Beautiful Bill” after multiple days of debates and minor changes. The sweeping legislation will impact nearly all facets of American life, but will specifically have major changes to higher education. The student loan provisions have some of the most significant higher education reforms we’ve seen in decades, and will impact both current borrowers and future borrowers. On the borrower side, the bill eliminates the Grad PLUS loan program, and introduces new caps on Direct Graduate Loans and Parent PLUS Loans. For future Parent PLUS loans, both repayment plan options and loan forgiveness…