The Department of Education has paused the Income Based Repayment plan in another significant move that alters the student loan repayment process.

At the end of next week, nearly 7.7 million student loan borrowers who have been in a zero-interest forbearance under the Saving for a Valuable Education repayment plan will see their balances grow monthly again.

Any student loans left on the SAVE plan will start accruing interest on Aug. 1, but they'll remain in a general forbearance.