Millions of student loan borrowers will begin accruing interest on their loans.

The change comes after the Department of Education stopped the cancellation of student loans and income-based repayment plans.

“Attention student loan borrowers enrolled in the SAVE Plan. On August 1, the Department of Education will resume charging interest on your loans,” Sec. Linda McMahon of the Department of Education said.

The SAVE Plan, introduced under former President Joe Biden’s administration, lowers monthly payments and shortens the time it takes to receive student loan forgiveness based on enrollees income.

Now, that plan and eight million or so borrowers who utilized it are in for some changes.

“This plan has been tied up in litigation, and the Trump administration decided, without ever being

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