Student loan interest resumes as payments restart in October amid new Biden plan

Federal student loan interest started accruing again on September 1st after being paused for over three years due to the COVID-19 pandemic.
Monthly student loan payments will resume in October for millions of borrowers, who may have different individual due dates.
The Biden administration introduced an income-driven repayment plan called SAVE to provide more affordable options.
Temporary flexibility will be provided, including a yearlong grace period where missed payments won't hurt credit scores or trigger delinquency.
Interest will continue accumulating on student loans and missed payments will be added to the end of loan terms unless payments are made.