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Student loan interest charges to kick back in for roughly 8 million borrowers
UNITED STATES, JUL 10 – Nearly 8 million borrowers will face resumed interest charges under the Biden-era SAVE plan starting Aug. 1, potentially adding $3,500 in annual interest, according to the Student Borrower Protection Center.
- Nearly 8 million federal student loan borrowers are expected to face increased personal costs starting August 1 as interest charges resume after a pandemic-era pause.
- A typical borrower will be forced to pay over $3,500 per year, or around $300 per month, in what is described as "unnecessary" interest charges.
- Borrowers affected by the policy change will be charged over $27 billion in interest over the next 12 months.
80 Articles
80 Articles
Millions of student loan borrowers will soon have interest restarted
The U.S. Department of Education announced that student loan borrowers on the Saving on a Valuable Education (SAVE) plan will have their interest accrual restart on August 1. Outreach on the changes began Thursday, July 10, for the 7.7 million borrowers on the Biden-era plan. SAVE plan Former President Joe Biden launched the SAVE plan in August 2023 as an income-driven repayment plan. It calculates payments based on the borrower’s income and fam…
Over 7m Americans forced to repay hundreds of thousands of dollars in WEEKS
MILLIONS of Americans are being pressured to pay back their loans, worth up to hundreds of thousands of dollars, as the federal government works to recoup the cash. The government is rolling out new policies on federal student loans, including three major changes in attempt to recover the trillions of dollars it is owed. GettyThe federal government is owed trillions of dollars in student loans[/caption] Student loan borrowers owe the federal gov…
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