Education Secretary Linda McMahon, in a statement, urged "all borrowers in the SAVE Plan to quickly transition" to a different loan program.

Nearly 7.7 million student loan borrowers within a Biden-era repayment plan will begin to see interest accrue once again on their student loans, the U.S. Department of Education announced Wednesday. Borrowers within the Saving on a Valuable Education (SAVE) Plan will see interest accruement begin on Aug.

The Trump administration will resume charging interest next month on student loans under the Biden-era SAVE plan, which have been on hold while the plan’s tied up in court—potentially costing nearly 8 million borrowers an extra $3,500 per year in interest.