Millions of student loan borrowers enrolled in a payment plan the Trump administration has called “illegal” will see their bills go up starting Friday as interest accrual resumes.
The nearly eight million student loan borrowers who rely on the Saving on a Valuable Education (SAVE) Plan — a repayment plan rolled out under former President Joe Biden — will start seeing interest accrue on their loans as of August 1. The repayment plan was among the generous to date, and many borrowers’ monthly payments dropped by as much as half, CNBC reports.
