have disappointed many borrower advocates who were worried about the lack ofbroad-based student debt cancellation, loan servicer abuses, and broken forgiveness programs like Public Service Loan Forgiveness .
"Borrowers should be aware that interest will be charged during the on-ramp period, so if they don't make payments or enroll in the new SAVE program they will see their balance grow," Abby Shafroth, co-director of advocacy at the National Consumer Law Center, told Yahoo Finance. "Although payments won’t be due for another year, balances will start accruing interest on September 1, 2023," The Debt Collective said. "The longer it takes for Biden to cancel debt, the more it costs debtors."
Interest capitalization has been eliminated for all income-driven repayment plans, except the IBR plan because of a statutory requirement, according to an Education Department spokesperson.
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