The debt ceiling deal scraps the graduate subsidized student loans. These loans didn’t charge students any interest on the principal of the loan until six months after the student graduated. This will not be the case now. They also nixed a special credit for students who make 12 months of on-time loan payments. These changes are to take place July 1, 2012. The other big cut that Congress is targeting is a credit that students get on the origination fee they pay the federal government to process their loans. Students pay 1% of a Stafford loan as an origination fee, but all students get half of that back unless they miss one of their first 12 payments.