The bill overhauls how new borrowers can pay back their loans and imposes new limits for how much they can take out.

President Donald Trump's proposed budget bill includes a new student loan repayment plan that could significantly increase payments for some borrowers. The Student Borrower Protection Center estimates average annual payment increases of nearly $3,000 for some borrowers under the new plan.

New borrowing limits could make it harder for some students to afford to go to college. Right now, if you or your kids get into college or graduate school and don’t have the money to pay for it — which most people don’t — you can borrow however much you need from the federal government to cover tuition and living expenses.