Colorado Borrowers Face Higher Student Loan Costs Starting Now

Are your student loans still paused? If so, you might want to double-check on them as soon as possible if you are a Colorado resident.

Colorado Borrowers: Student Loan Pause May Be Over

My student loans have been paused since the pandemic. By pause, I mean I have not been required to pay back my student loans, and no interest has been added since then.

Thousands in Colorado Face Repayment Starting August

Thousands of Colorado residents are going to have to start paying their student loans back, and possibly have to pay more, beginning in August.

SAVE Plan Interest Resumes—Here’s What It Could Cost You

According to multiple sources, including CBS, former President Biden's SAVE student loan plan will begin accruing interest again.

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According to CBS, the plan could add an extra $300 to your payment and $3,500 a year in interest alone.

8 Million Borrowers Nationwide—What About Colorado?

According to CNBC, there are 8 million borrowers nationwide who are enrolled in the plan. So what does that mean for Colorado residents who are enrolled in the plan? Let's break it down.

No Payments Due—But Your Balance Could Still Grow

If you are enrolled in the SAVE program, you are not required to make a monthly payment at this time. However, interest will start to affect your student loan amount. So, despite not needing to make a payment, you could see your total balance rise.

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We are not financial experts by any means. However, our advice would be to still make monthly payments despite having nothing due. This will help you in the long run, so you are not stuck with extra interest later on.