The legislation does not extend to addiction treatment, which the Trump administration has cut in its broader quest to curb federal spending.

WASHINGTON—President Trump’s “ one big, beautiful bill ” is now law. In a splashy Fourth of July ceremony, with a B-2 stealth bomber and fighter jets flying over the White House, Trump put his signature to the legislation, notching a major second-term accomplishment after guiding the package through narrow majorities in both houses of Congress.

Experts worry that the law will have a detrimental impact on America’s universities—changing who gets to attend college and how they pay for it.