The Trump administration will resume charging interest this week 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.

At the end of next week, nearly 7.7 million student loan borrowers who have been in a zero-interest forbearance under the Saving for a Valuable Education repayment plan will see their balances grow monthly again.

The IBR plan cancels loan debt in full for borrowers who've made 300 monthly payments -- or about 25 years of payments. After that 25-year period, the plan cancels any outstanding balances and considers the borrowers' repayment obligation to be satisfied.