Student loan interest for millions resumes on Aug. 1. The average monthly payment could rise $300.

Millions of student loan borrowers enrolled in the Biden-era SAVE repayment plan will see interest charges resume on August 1, potentially increasing monthly costs by $300, as the Department of Education emphasizes fiscal responsibility. Borrowers can opt for forbearance to avoid payments but risk growing loan balances, while evaluating repayment plans, including a new Repayment Assistance Plan set for 2026.

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