After more than three years, federal student loans will begin to accrue interest again starting today (September 1). The first payments since they were paused due to the coronavirus pandemic in 2020 will be due beginning in one month, on October 1.

Borrowers will be given a bit of a reprieve, however, as there will be no penalties if you miss a payment during the following year. While missing payments during the year-long grace period won’t result in delinquency or be reported to the credit agencies, interest will continue to accrue on your balance, leaving you with a higher bill.