Stay updated with breaking news from Edfinancial Services. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Private companies overseeing the federal government's college loan programs made "millions" of errors implementing new repayment plans, costing student borrowers time and money, according to a new congressional report.
Private companies overseeing the federal government's college loan programs made "millions" of errors implementing new repayment plans, costing student borrowers time and money, according to a new congressional report.
The $6,000 debt alert was particularly shocking because the borrower had received a letter saying his loan had been forgiven.
Washington (CNN) — Many federal student loan borrowers faced long hold times on the phone, experienced significant delays in application processing and received inaccurate bills when payments resumed in October,
A report by the Consumer Financial Protection Bureau reveals that federal student loan borrowers encountered significant issues, including long hold times, delays in application processing, and inaccurate bills, when loan payments resumed after a pandemic pause. These challenges have put borrowers at risk of missing payments and prompted the Department of Education to penalize loan servicers for errors in billing statements. Additionally, delays in processing income-driven repayment plan applications have caused further difficulties for borrowers.