Overall, the change will see borrowers being charged more than $27 billion in interest over the next 12 months.

Federal student loan borrowers who enrolled in President Biden's SAVE income-driven repayment plan have been in an interest-free forbearance for nearly a year.

It will soon get harder to pay off your student loans. On Friday, President Trump signed the One Big Beautiful Bill Act into law, restructuring the federal student loans system and making it more difficult to finance your education through loans.