A sweeping federal spending package, signed into law by President Donald Trump on July 3, will significantly reshape how millions of Americans repay their student loans, introducing less generous options and imposing new restrictions on borrowing.

Republican lawmakers would provide funding for Pell Grants but tighten eligibility requirements. The House version raises the bar for how "full-time" studies are defined -- students would have to earn 30 credits per year to be eligible, for instance, rather than the current 24.