Inaccurate bills, hours on the phone: Student loan borrowers reenter 'a very messy system'
Publishing timestamp: 2023-10-22 08:00:01
Summary
The Biden administration has restarted student loan payments for 40 million Americans, causing difficulties for many borrowers. Some borrowers are experiencing long wait times, errors with their bills, lost account information, and denied relief. The complexity of the federal student loan system and recent changes have added to the confusion. The new repayment option, called the SAVE plan, has also caused problems for borrowers, with some receiving bills for different amounts than expected. Student loan servicers are facing challenges in handling the surge in payments, and there are concerns about their preparedness and ability to provide adequate customer service. The article highlights the flaws in the student loan system and the financial strain it places on borrowers.
Sentiment: NEGATIVE
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Keywords: student financial aid, nelnet inc, breaking news: politics, colleges and universities, covid-19 pandemic, joe biden, personal debt, student loans, personal finance, business news, education, u.s. department of education, politics,
Source: https://www.cnbc.com/2023/10/22/student-loan-borrowers-restart-bills-in-a-very-messy-system.html