Today is the first day student loan interest resumes 

The interest on federal student loans in the United States has resumed accruing after being set to zero in March 2020 due to the COVID-19 pandemic. Borrowers will now face interest rates typically between 3% and 7%, depending on when they took out their loans. This change comes as borrowers’ first loan payments are due in October. The pause on student loan bills resulted in significant savings for borrowers, with the average borrower saving around $15,000, including $5,000 in interest charges. Some exceptions to this interest resumption include those with unsubsidized undergraduate loans in deferment or a grace period and borrowers facing unemployment or economic hardship, who can apply for deferments to delay interest accrual.



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