Millions of student loan borrowers will see their interest rates jump this week as the Trump administration moves forward to end benefits for SAVE plan borrowers.

President Trump’s new tax and spending law brings sweeping changes to the federal student loan system, affecting both current and future borrowers. Nearly half a million borrowers could see their payments spike after the Department of Education scrapped most existing repayment plans.

Although interest will start accruing on Aug. 1, you're not required to switch to a new repayment plan just yet. But you may want to.