Student wearing a calculator graduation cap. Student loan, finance and educatiom concept. Vector illustration. (Image credit: GETTY IMAGES) Federal student loans are undergoing an overhaul. Starting July 1, new students who take out a loan will have fewer repayment-plan options, and some families who already have loans will be forced to select a different repayment plan. Parents who take out federal loans to help their children pay for college may be subject to new borrowing limits. And for those starting a new graduate or professional degree, Graduate PLUS loans will no longer be available. The One Big Beautiful Bill Act (OBBBA) , signed into law last year, ushered in these changes. If you or your child is already paying off student loans, or if your family is planning to borrow for college in the future, there's a good chance some of these updates will affect you. Here, we offer details on what you should know, as well as strategies for families to make the best choices.…