New York (CNN) Millions of Americans are about to get a rude awakening in their monthly budget: Federal student loan payments are back.
Borrowers have had a break from their obligations for three years due to the pandemic.
That has allowed them to use the money for rent, car payments, paying down other debt, building up savings or spending it.
But starting in September, interest begins accruing again on outstanding balances.
That means 44 million Americans will have to fork out a monthly payment averaging from $210 to $314, according to Wells Fargo.
Organizations:
CNN, Read
Locations:
York, Wells Fargo