Borrowers are likely to see an increase in their monthly student payments as loan interest repayments renew on Friday.

The Department of Education announced on July 9 that it planned to restart charging interest for borrowers Saving on a Valuable Education (SAVE) plan, an income-driven loan relief program established by former President Joe Biden, is used by over 7 million borrowers.

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In 2024, two courts issued injunctions against the SAVE plan, which stopped the program. But the Biden administration moved all the borrowers enrolled in the program into zero-interest forbearance, which means their loans were placed on hold and they weren’t accumulating interest.

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