DURANT, Okla. (KTEN) — Student loan repayments have been on pause since 2020.

"It initially was to help students cope with the potential changes in the economy," said Southeastern Oklahoma State University chief financial officer Dennis Westman.

The payment freeze has been extended eight times since it started, and it's been a blessing to SOSU senior Olivia Wilson.

"Not having to pay back those loans has helped me have the funding to stay here, and to live here, and to grow with the college," she said.

Three years later, lenders will once again expect payments from millions of borrowers. 

"The interest and the principal were frozen at a certain level and did not change," Westman noted. "What you saw potentially in March of 2020 is what you will see."

Student loan interest will begin to accrue again on September 1, with payments starting back up in October. 

"It's very important for you to know who you are making your student loan payments to," Westman said. "Once you know that, contact them. Keep in contact with them"

For some seniors like Wilson, this will be the first time they have to pay for student loans accrued over four years of college. 

"Getting out of college, and suddenly having to start paying these loans will be quite stressful," she said. "I have become accustomed to not having to deal with that, and it's a big budget change."

The Supreme Court is expected to make a decision on President Biden's student loan forgiveness plan, which would apply to around 16 million people who already applied for the benefit, in late June or early July.