BATON ROUGE, La. (WAFB) - If you’ve got federal student loans, there are some big changes you need to know about. Interest has started up again for millions of borrowers, and for many, the first step is figuring out where their loans stand. Consumer Reports breaks down what to do and how to stay on track.
Almost 8 million Americans are enrolled in the SAVE repayment plan. Interest on those loans has started again, ending a yearlong pause. However, the payments are still on hold for now. This means that many people will see their loan balances grow again. And if you’re already struggling to repay your student loans, that will make things harder in the future.
The Student Borrower Protection Center estimates the new interest charges will cost a typical borrower $300 per month or $3,500 a y