The student loan balances for roughly eight million Americans are about to balloon now that the Department of Education plans to restart interest charges by August 1.
This action affects the 7.7 million borrowers who are enrolled in the Biden-era Saving on a Valuable Education (SAVE) Plan, a program that shrunk payments to $0 a month for people under a certain income threshold.
The interest charges for SAVE borrowers will kick in at the start of next month, though they won't have to resume making payments.
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