Friday will mark the first significant step toward restarting the student loan process: borrowers will once again see interest accrue on their loan balances.
Demonstrators in favor of student loan debt forgiveness outside the US Supreme Court in Washington, DC, June 30, 2023.It's a moment those with student loans have been dreading -- payments are one step closer to resuming.
The two-step approach to restarting the student loan system is meant to give borrowers -- and servicers -- a slower on-ramp to dust off the cobwebs on a process that's long been stalled because of the pandemic.President Joe Biden's debt cancellation policy wasPresident Joe Biden speaks during a news conference on the sidelines of the G20 summit meeting, Nov. 14, 2022, in Bali, Indonesia.
, an organization that gathers educational data and statistics. Interest rates often have a big impact on how much a borrower ultimately pays back. Broadly, the pause on payments ends in October -- but the exact date that many borrowers will have to start paying off their loans again varies based on their loan servicers.
It's not a pause, borrowers should be aware, as interest will continue to add up and payments will still be due, but it also spares the "worst consequences," FSA says on its Demonstrators in favor of student loan debt forgiveness outside the US Supreme Court in Washington, DC, June 30, 2023.It's an income-driven repayment plan, which the department already offers in multiple forms, but the new plan, called SAVE, is the "most affordable plan ever created," a Department of Education spokesperson said.
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