WISCONSIN (CBS 58) - Major changes are coming to student loans. Starting July 1, student loan borrowers will face new limits and new repayment rules.

"I have a couple thousand left," said Kaity Thompson, a Milwaukee resident.

"Upwards of $20,000, close to $30,000," said Antoine Reynolds, an MATC graduate.

Millions of people across the nation carry student loan debt, which now stands collectively at more than $1.7 trillion.

"I feel like things are literally changing overnight, so it's been kind of hard to keep up with," said Thompson. "So, I'm probably a bad loan repayer."

Thompson graduated from UW-Milwaukee in 2011 and says she's been paying off her debt for years but says the ever-changing process is hard to navigate.

"It's just been a lot to keep up with, so when I heard something new, I kind of just tuned it out because I was like, another change that could get overturned again, and then we go back and forth and back and forth," said Thompson.

Wednesday's change stems from the One Big Beautiful Bill Act, and people enrolled in the Biden administration's SAVE plan now have 90 days to sign up for a new repayment plan.

"You could have a plan that is an income-based repayment plan," said Jill Schlesinger, a CBS News business analyst. "Usually this will be you pay 10% of whatever you're making for 20 years. Then there's a brand-new plan. It is called the Repayment Assistance Plan. You will pay a smaller amount of money, 1% to 10%, for up to 30 years, and if you've paid, they will be forgiven."

Recent graduates like Reynolds say the constant change and legal battle are unfair to borrowers.

"I think we should stick to that," said Reynolds. "I think it's unfair to give people a safety net and then take it away unexpectedly."

New limits on student borrowing will also bring stricter limits on how much students can borrow.

If you have student loans, check with your loan servicer to see how these changes could affect you. Students can also contact their school's financial aid office for help.

For more information, visit the Federal Student Aid website.