Behind-the-scenes calculation errors are resulting in student loan borrowers receiving inaccurate payment amounts.
President Biden at the White House on Wednesday delivering remarks on his administration’s efforts to support student borrowers. One statement said Ansell’s monthly payment had dropped to $0, a change she expected after taking on a part-time job at a lower salary. Then a second statement from her servicer, the Missouri Higher Education Loan Authority , said she would owe $99 a month.Confused, Ansell called her servicer. A representative promised the company would reprocess her payment.
The Education Department says it immediately directed servicers to notify affected borrowers and put them into administrative forbearance until they were able to calculate the correct payment amount. Borrowers will be offered a refund of any recent payments, and any time they were put in forbearance to remedy the error will be credited toward payment counts needed for loan forgiveness programs.
the new SAVE plan. But some of those files had incorrect or missing information about borrowers’ family size, income or marital tax status, according to people familiar with the matter who were not authorized to speak publicly.
Buchanan said that when servicers have gotten incorrect files or bad data from the department resulting in errors, they have worked cooperatively to quickly fix and address those issues and will continue to do so.
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