The megalaw reduces the number of federal student loan repayment options and places a cap on how much individuals can can borrow for higher education.

Taxpayers will see a number of new credits and deductions when they file their taxes in 2026. Here's when other "big beautiful" bill provisions go into effect.

Republican Sen. Bill Cassidy's Educational Choice for Children Act tax credit, a provision included within the megabill, provides a charitable donation incentive for individuals and businesses to fund scholarship awards for students to cover expenses related to K-12 public and private education starting in 2027.