Student loan debt is a “monster in the closet” for many, though debt forgiveness programs are not always the best route for individuals who want to improve their financial situations as swiftly as possible, experts recently told Newsweek.
Interest on student loans began accruing again today following a moratorium enacted by the Trump administration in March 2020 at the start of the COVID-19 pandemic, which continued under President Joe Biden. Current federal interest rates range between 4.99 and 7.5 percent for the approximate 45 million borrowers across the United States, according to the Education Data Initiative.
Payments on student loans begin in October, when borrowers who were already on particular plans—income-driven repayment (IDR) or otherwise—will resume paying back debts while new college graduates within the past three years will be doing so for the first time.