Federal student loan interest resumes in August for SAVE borrowers

Starting Aug. 1, interest will resume on federal student loans for millions of borrowers enrolled in the now-blocked SAVE repayment plan. “Every single individual loan is already increasing my balance,” said borrower Taelor Beal. “It’s just very inconsistent, we’re back and forth.” The student isn’t a part of the SAVE plan but tried applying to the Biden-era plan. Beal has roughly $75,000 in student loan debt. She recently checked her accounts and noticed interest rates applied to her loans.