Any student loans left on the SAVE plan will start accruing interest on Aug. 1, but they'll remain in a general forbearance.

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 end of Biden’s SAVE plan affects nearly 500,000 borrowers as courts rule it illegal. Many face doubled payments, increasing the need for new repayment options.