Amid the return of student loan repayment this month, 305,000 student loan borrowers complained about the incorrect amount of their monthly payment given to them by their loan servicers.
Incorrect amount on loan repayments experienced by student loan borrowers (Photo: pinterest.co.uk)
Student Loan Borrowers Face Issues As Loan Repayment Returns
SOURCE– The Education Department presented data that shows that 305,000 student loan borrowers ran into an issue wherein they received an incorrect amount for their monthly payments from their loan servicers.
The Education Department stated that the issue was only experienced by 1% of the 28 million student loan borrowers.
The affected 1% of 28 million student loan borrowers who benefited from the payment pause due to the pandemic, which began in March 2020, resumed their loan payments this month.
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The Payment Will Resume For The Affected Student Loan Borrowers Until The Mistakes Are Fixed
According to USA Today, the Education Department is holding the loan servicers accountable for these errors. They assured the affected student loan borrowers that the loan payments would resume as soon as the issue was fixed.
The student loan borrowers who are affected by the amount error are to be put into “administrative forbearance” until the incorrect amount is fixed and calculated correctly. Loan servicers stated that most of the issues are being resolved, but they are reminding the student loan borrowers to do some double-checking to avoid loan balances and interest rate issues.
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