The Education Department said that over 300,000 student loan borrowers were given wrong repayment information about their loan repayments, which resumed just at the beginning of this month, October.
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1% Of The 28 Million Student Loan Borrowers Were Affected By The Incorrect Payment Information
According to the Education Department, over 300,000 student loan borrowers were given incorrect information regarding loan repayments.
Washington Examiner – The education department said that the loan payments will be paused until the correct amount is calculated so that it will minimize the impact on the student loan borrowers. The Education Department also informed the loan servicers to place the affected student loan borrowers into administrative forbearance until the issue is fixed.
The affected student loan borrowers were specifically in the new repayment plan of the Biden Administration, the SAVE Plan.
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Issues Of Student Loan Borrowers With The SAVE Repayment Plan
Due to the incorrect information that the borrowers got, the student loan borrowers in the new repayment plan from the Biden administration are experiencing serious problems as well.
According to Bolly Inside, the education department has seen errors in the payment amount calculations. Because of these calculation errors, student loan borrowers received incorrect bills.
The student loan borrowers are also facing problems with customer service with their loan servicers.
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