News-News.Zip

News in English (USA) / 01.08.2025 / 10:00

Student Loan Interest Resumes, Millions Facing Financial Pressure

Starting August 1, student loan interest will resume for 7.7 million borrowers enrolled in the SAVE plan, potentially increasing monthly payments by $300 and leading to additional annual costs exceeding $3,500. With the end of the interest-free pause, many borrowers are feeling overwhelmed and seeking assistance. Lawmakers, including Rep. Ilhan Omar and Rep. Greg Casar, are calling on the administration to reverse the recent $27 billion hike in interest charges. Borrowers are urged to review their repayment options to avoid significant financial strains as they navigate this change.
CBS News, CNN, House.gov, The Washington Post, San Francisco Chronicle, Business Insider, MPR News, weareiowa.com, plansponsor, KWCH