Millions of Americans will see their expenses rise sharply this fall. Federal student loan payments are back after a pause of more than three years. Interest will start accruing again on 1 September and borrowers will make their first payments in October.
More than 40 million Americans have federal student debt, averaging about $37,000 a borrower. While Joe Biden’s loan forgiveness program was blocked by the supreme court earlier this year, other changes have been made to help borrowers chip away at their debt.
