The U.S. Department of Education is set to restart interest accrual on federal student loans for nearly 8 million borrowers participating in the SAVE repayment plan. This change is expected to affect millions of Americans, with some borrowers potentially facing an increase of $3,500 in interest charges this year, as payments resume after a period of suspension. As of August 1, those on the SAVE plan will see their loan balances grow again, marking a significant shift in federal student loan policies.