It’s July 1, and that means several changes for student borrowers.

The Project on Student Debt has posted details of the changes online. Here are some of the highlights:

The interest rate on new subsidized – meaning the government pays the interest on the loan while you’re in school – drops from 6.8 percent to 6 percent for undergraduates. Unsubsidized Stafford loans remain at 6.8 percent interest.

Undergrads can also borrow an extra $2,000 a year in unsubsidized loans. That means the new annual limit for dependent students is $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors. Independent students or those whose parents don’t qualify for a government PLUS loan will be able to borrow up to $6,000 in each of the first and second years, and $7,000 in the third and fourth years.

The maximum you can borrow under the Stafford loan program during your college years also is going up. Undergraduate dependent students will be able to borrow a maximum of $31,000, up from $23,000. The new limit for independent students will be $57,500, up from $46,000.

Also, the new variable rate for Stafford loans taken out before July 2006 is going down to 4.21 percent. But new graduates who consolidate a variable-rate loan can lock in a lower rate of 3.61 percent.