President Donald Trump's administration announced the final rule for its major student-loan repayment overhaul. Will Oliver/EPA/Bloomberg via Getty Images

The Department of Education announced its final rule for its student-loan repayment overhaul.

The rule includes new repayment plans and borrowing caps for advanced degrees.

The changes will be implemented beginning July 1.

It's official: millions of student-loan borrowers will face sweeping repayment changes this summer.

On Thursday, President Donald Trump's Department of Education announced its final rule for its student-loan repayment overhaul, which includes new borrowing caps and repayment plans that will go into effect on July 1.

Nicholas Kent, the department's undersecretary, told reporters on a press call that the final rule includes four key provisions: the elimination of the Grad PLUS program, new loan limits for graduate and professional students, allowing schools to establish their own loan caps "that match the true value" of the programs…