Analysis projects that a typical borrower will be forced to pay more than $3,500 per year, or $300 per month, as interest resumes.

Interest on US student loans under the SAVE plan will resume from August 1, potentially adding $3,500 annually in costs for 7.84 million borrowers. Th

The Education Department said on Wednesday it would resume applying interest on Aug. 1 to federal student loans of nearly eight million borrowers who enrolled in the SAVE plan.