Starting August 1, interest accrues again on federal student loans under the SAVE plan, impacting millions. This follows a pause due to legal challenges, even as the program is set to phase out. Borrowers must reassess repayment strategies to avoid debt growth, considering alternatives like IBR, PAYE, and ICR, especially those pursuing Public Service Loan Forgiveness.Student loan interest resumes on August 1: What 7.7 million SAVE plan borrowers need to know
Starting August 1, interest accrues again on federal student loans under the SAVE plan, impacting millions. This follows a pause due to legal challenges, even as the program is set to phase out. Borrowers must reassess repayment strategies to avoid debt growth, considering alternatives like IBR, PAYE, and ICR, especially those pursuing Public Service Loan Forgiveness.