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8 million student-loan borrowers on Biden's SAVE repayment plan are about to see their balances grow

  • The Trump administration is restarting interest charges for student-loan borrowers on the Biden's SAVE repayment plan, affecting nearly 8 million enrolled borrowers.
  • Interest charges for borrowers on the SAVE plan will begin accruing again on August 1 after being paused for a year due to litigation.
  • The Department of Education is encouraging borrowers to switch to a different income-driven repayment plan as the SAVE plan has faced legal challenges and has been blocked since July 2024.
  • The decision to restart interest charges has drawn criticism from borrower advocates, who argue that it will result in increased monthly costs for borrowers.

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