The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump over the July 4, 2025, weekend, is a sweeping multitrillion-dollar package that blends tax cuts with significant spending reductions and changes to the social safety net.

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Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)

New law reduces the number of federal student loan repayment options and caps how much individuals can borrow for higher education.

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Federal legislation signed into law this month rewrites student loan and grant policy with the goal of frugality, with critics warning it may push students toward loans and programs with fewer protections.

The sweeping and controversial One Big Beautiful Bill Act (OBBBA) fulfills many of Donald J. Trump's 2024 campaign promises: it makes his first-term tax cuts permanent, includes a handful of family-friendly tax breaks, and introduces relief for tipped and overtime pay.