The issue impacts some borrowers in the SAVE repayment plan, the new income-driven repayment plan from the Biden administration.
More than 300,000 people were given incorrect information about their student loan repayments as resumption of debt payments began this month, the Education Department said on Thursday. The agency has directed servicers to alert affected borrowers and place them into administrative forbearance until their correct payment amount is calculated in order to minimize the impact on them, the Education Department told CBS MoneyWatch.
'Because of the Department's stringent oversight efforts and ability to quickly catch these errors, servicers are being held accountable and borrowers will not have payments due until these mistakes are fixed,' the agency added.Earlier this month, 19 state attorneys general wrote to the Education Department that they were alarmed by 'serious and widespread loan servicing problems' with the resumption of repayments this month.
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