DES MOINES, Iowa — The federal student loan repayment pause that started back in 2020 will come to an end soon.
This is because Congress recently passed a law preventing further extensions of the student loan repayment pause. These loans will begin accruing interest on Sept. 1, and payments will then be due starting in October, according to the Office of Federal Student Aid.
And many college graduates in the state have gotten used to not having to pay their loans.
“The repayment pause was very, very much appreciated for those students," said Roberta Johnson, the executive director of Student Financial Aid at Iowa State University.
Johnson also mentioned that others haven’t been as appreciative of this student loan freeze.
“The people who paid off their loans, or people who never borrowed loans in the first place are being disadvantaged as a result of this benefit," she said.
But on Tuesday, students at Iowa’s three public universities received the news that the Iowa Board of Regents approved a 3.5% increase in tuition rates at The University of Iowa, at Iowa State University and at the University of Northern Iowa.
Even though tuition increased once again this year, it is worth noting that it has also increased every year for the past decade for all three schools, according to the Iowa Board of Regents’ records.
But next year's tuition increase has left many students frustrated, including Makayla Vondra, a third-year student at Iowa State.
“I am paying a majority of my own way," she said. "I don’t have many scholarships the way my parents fall with income and everything. So even just a small increase is going impact me drastically.”
But what exactly does that mean for the students at Iowa's three public universities?
- University of Iowa residents and non residents will pay $300 more in the next academic year.
- Iowa State residents will pay $300 more, but non residents will have to pay an extra grand.
- Residents at University of Northern Iowa will also pay around an extra $300, while non residents will have to pay an extra $675 compared to the year before.
“Even with inflation of groceries and stuff… it is really hard to pay your own way," Vondra said. "And then rent on top of that is increasing and expensive right here in Ames.”
You can visit studentaid.gov for more information on help with student loan repayment and applying for federal aid.