Terms of the deal are not disclosed, and it is expected to close in the fourth quarter.

The study also finds that the pandemic has forced Americans to reset their priorities.

The new rate for undergraduate federal student loans will be 3.734% in the 2021-2022 academic year, up from 2.75% for this year.

Cordray will be responsible for managing the Education Department's student financial assistance programs, including grants, work-study and loans.

Higher interest rates aren't the only change to expect ahead of the upcoming school year.

SoFi also announces the "broad launch" of its first credit card, which includes several perks.

Sens. Schumer and Warren want the president to use his executive powers to forgive $50,000 per student loan borrower.

He will extend the moratorium on federal loan payments and wants Congress to cancel $10,000 of student debt per borrower.