Student loan payments are set to resume in October and starting Friday borrowers will be charged interest again after being deferred for the past three years through the pandemic.

Millions of student loan borrowers may soon see their student loan balance inching up once again. Now that interest is set to accrue on any federal student loans starting Friday.

The Biden administration doing a two-step approach, giving student loan servicers a chance to start back up.

This on the heels of the Supreme Court overturning President Joe Biden’s debt cancellation policy earlier this Summer.

Borrowers now have new payment options; one plan could lower payments depending on the borrower’s income.

Borrowers are charged interest based on the rates that their student loans had more than three years ago.

To check your balance or interest rate, contact your loan servicer or click here.