Yahoo TV

Federal student loan payments are set to resume on October 1 with interest already accruing for borrowers in September. U.S. Under Secretary of Education James Kvaal joins Yahoo Finance Live to share the list of federal programs that will aid Americans in paying off their student debt, including President Biden's SAVE plan.

"College costs now [are] not just an issue for a student but it's an issue for their families," Kvaal notes. "Oftentimes, people who are still repaying their student loans are struggling to pay for their children's education, struggling to start a business or start a home, so this really is an issue... that affects families and communities and really the economy as a whole."

Kvaal also goes into detail about updates to FAFSA applications and the challenges that put borrowers at risk of defaulting on their loans.

Click here to watch more of Yahoo Finance's special coverage "Student Loans: Smarter Strategies."