The bill, which is heading to President Donald Trump’s desk after the House of Representatives passed it on Thursday, makes major changes to student-loan repayment and the way loans are disbursed. It also expands the Pell Grant program to new types of providers and raises taxes on universities, among other related provisions.

While your monthly loan payment may go down on RAP, depending on your income, the longer time frame could create an obstacle for your long-term financial goals. If you graduate at 22, you could end up with student loan payments until you're 52. Plus, you'll end up paying more in interest over time.

Most of the changes to student borrowing, such as lower limits on graduate loans, wouldn’t affect borrowers who are out of school and in repayment.