(NewsNation) — Millions of student loan borrowers are not paying their debts after a three-year pandemic pause on payments.

Nine million people missed their first resumed payment, according to the U.S. Department of Education. That’s 40% of 22 million borrowers.

President Joe Biden has created on-ramp policies for borrowers so they won’t face big penalties now, but interest will continue to accrue.

 OXYGen Financial CEO Ted Jenkin joined “NewsNation Now” to go over the potential penalties.

“Of course, it won’t hurt them immediately, but over time, they could go into default,” he said.

About 6 million people have signed up for the income-driven Saving on a Valuable Education plan, and an on-ramp transition period will temporarily protect borrowers from serious penalties.

The period lasts through Sept. 30, 2024, and ensures missed payments during that time aren’t reported as delinquent. The payments are still due, however, and interest will continue to accrue, according to the U.S. Department of Education.

“Inevitably, after a year, time is ticking,” Jenkin said.