The Trump administration will resume charging interest next month 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.

Interest accrual on the debt of nearly 7.7 million student loan borrowers enrolled in the Saving on a Valuable Education plan will resume Aug. 1, the U.S. Education