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☆ Some student-loan borrowers are surprised to find their accounts are suddenly in forbearance. Here's why that might be happening.
▼ + stars: | 2023-11-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some student-loan borrowers are logging into their accounts and seeing it in forbearance. AdvertisementAdvertisementIf you recently logged into your student-loan account and were surprised to see it placed in forbearance, you're not alone. Over the past few days, student-loan borrowers primarily serviced by MOHELA have logged into their accounts to see their loans were no longer in active repayment. Still, the borrower's account continues to show a payment due with interest accruing, according to documents reviewed by Insider. AdvertisementAdvertisementWas your student-loan account placed on administrative forbearance without any notice?

Persons: servicer, —, MOHELA, servicers, forbearance, Scott Buchanan, Elizabeth Warren, Ed Markey, Chris Van Hollen, Richard Blumenthal, Scott Giles Organizations: Department, Service, Public, Student Loan, — Locations: forbearance, MOHELA, Sens

☆ A major student-loan company is giving millions of borrowers 'inadequate' information as it works to solve billing inaccuracies, 4 Democratic lawmakers say
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department withheld pay from student-loan company MOHELA over repayment errors. AdvertisementAdvertisementSeveral Democratic lawmakers aren't happy with the way a major student-loan company is resolving account errors for millions of borrowers. @MOHELA has failed to provide borrowers with accurate, timely information about their loans, forcing millions into forbearance. The Education Department said it will continue oversight over servicers to crack down on mistakes that are putting borrowers at risk. Are you experiencing challenges with student-loan repayment?

Persons: MOHELA, —, aren't, Elizabeth Warren, Ed Markey, Chris Van Hollen, Richard Blumenthal, Scott Giles, forbearance, @MOHELA, yKdYeyTfV3 — Ed Markey, Giles, MOHELA's, Miguel Cardona Organizations: Department, Service, Democratic, Education Department, MOHELA, Federal Locations: Sens

☆ A government shutdown in 12 days could make student-loan borrowers' repayment and customer service struggles even worse
▼ + stars: | 2023-11-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A shutdown could worsen the repayment challenges student-loan borrowers are experiencing. AdvertisementAdvertisementA government shutdown is once again looming, and it's threatening an already precarious return to repayment for student-loan borrowers. Thousands of federal workers would be furloughed, meaning Americans could face delays with customer service in programs like Social Security, along with student-loan repayment assistance. Even before federal student-loan payments officially resumed in October, borrowers were experiencing severe delays getting help from their student-loan servicers due to hours-long hold times and issues processing paperwork. Further limiting the number of customer service representatives available in the event of a shutdown would place a greater strain on borrowers.

Persons: —, Mike Johnson, Johnson, Rosa DeLauro, Scott Buchanan Organizations: Service, Washington, Democratic, Social Security, Management, Education, Education Department, Federal, Aid, Student Loan, —

☆ $100,000 monthly student-loan bills, late statements, and erroneous banking fees: here's everything that's gone wrong for borrowers with the return to repayment
▼ + stars: | 2023-11-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

And Jess expected to pay around $137 a month in October, but she was billed a $49,000 monthly payment. AdvertisementAdvertisementIncorrect monthly billsWhen servicers attempted to convert borrowers to the new SAVE income-driven repayment plan, 78,000 borrowers got inaccurate bills. Additionally, 21,000 borrowers received monthly statements with "very high and potentially incorrect amounts due," per the memo. Hundreds of borrowers received bills stating they owed over $10,000 a month, with a few borrowers having monthly bills of over $100,000. According to the memo, borrowers are spending an average of 58 minutes on hold with their servicer, call lengths are about 70% longer than 2019 because borrowers have more questions.

Persons: —, Alicia, Xiong Chang, Jess, Joe Biden's, servicers, It's, MOHELA, forbearance Servicers Organizations: Federal, Aid, Service, Joe Biden's Education Department, Public, Department, Education Department, Federal Student Aid Locations: forbearance

☆ Student-loan borrowers struggling with repayment need more help than what the Education Department has offered — and they might not get it
▼ + stars: | 2023-11-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Education Department is strengthening oversight by withholding pay from one servicer, MOHELA. AdvertisementAdvertisementPresident Joe Biden's Education Department made one thing very clear this past week: Student-loan companies cannot get away with bad behavior. It's unclear at this point how withholding pay from a servicer would impact its operations, and whether the impact would trickle down to borrowers. AdvertisementAdvertisementWith Republicans holding a majority in the House, it's unlikely Federal Student Aid will see boosted funding in the upcoming year. Buchanan noted that he's still determining how exactly withholding pay would impact operations and added that he's "not making any excuses for the mistakes here."

Persons: —, Joe Biden's, MOHELA, Scott Buchanan, Jared Bass, Bass, servicers, Buchanan, he's, It's, it'll Organizations: Education Department, Service, Joe Biden's Education Department, Department, Federal Student Aid, Student Loan, —, Education, Center, American Progress, Federal, Aid

☆ 800,000 student-loan borrowers missed payments because their servicer failed to meet its 'basic obligation.' Here's what happens now.
▼ + stars: | 2023-11-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department withheld pay from MOHELA over failure to deliver on-time billing statements. AdvertisementAdvertisementPresident Joe Biden's Education Department revealed that a major student-loan company made errors with millions of borrowers' accounts. The Education Department instructed MOHELA to place all affected borrowers on forbearances until the issues are resolved. Borrowers enrolled in Public Service Loan Forgiveness or an income-driven repayment plan will have any month spent in forbearance counted toward their forgiveness progress. The Education Department said that it will continue to monitor servicers' performance "and ensure they are meeting their basic contractual obligations to the Department and to borrowers.

Persons: —, Joe Biden's, Miguel Cardona, MOHELA, Will, I'm, What's, servicers Organizations: Department, Service, Joe Biden's Education Department, MOHELA, Education Department, The Education Department, Federal Student, Federal Student Aid Locations: forbearance

☆ Student-loan borrowers could take legal action against their servicers or the Biden administration if repayment mistakes aren't fully fixed, a new federal memo says
▼ + stars: | 2023-11-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released a memo detailing mistakes it found student-loan servicers are making with repayment. It pushed for the mistakes to be remedied for borrowers to avoid legal action. AdvertisementAdvertisementPresident Joe Biden's Education Department is concerned student-loan borrowers could turn to legal action if issues with their accounts aren't fully resolved. The Education Department said it will continue enforcing oversight over servicers to ensure borrowers are not further harmed by mistakes to no fault of their own. "We are committed to making things right for borrowers and holding our contractors accountable for errors when they do occur."

Persons: MOHELA, —, Joe Biden's, Education James Kvaal, servicers, I've, it's, Richard Cordray Organizations: Education Department, Service, Joe Biden's Education Department, Wednesday, Federal Student Aid, Education, MOHELA, Department, The Education Department Locations: forbearance

☆ Her student loan bill was supposed to be $0. Then $2,074 was taken from her account
▼ + stars: | 2023-11-01 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Morgan Lindsay didn't mind that student loan bills were resuming in the fall. She'd applied for a new repayment plan over the summer, and her calculated monthly bill came to $0. But then, on Sept. 11, she found that her servicer, Mohela, or the Missouri Higher Education Loan Authority, had taken $2,074 from her bank account. More from Personal Finance:Will Social Security be there for me when I retire? Medicare open enrollment may cut retiree's health-care costsHow much your Social Security check may be in 2024But under the income-driven repayment plan she'd signed up for, she didn't owe anything.

Persons: Morgan Lindsay, She'd, Lindsay, she'd, Mohela Organizations: Missouri Higher Education Loan Authority, Finance, Will Locations: Missouri

☆ Student Loan Processor Mohela Punished for Millions of Late Billing Notices
▼ + stars: | 2023-10-30 | by ( Gabriel T. Rubin | ) www.wsj.com time to read: 1 min

The Education Department said that around 2.5 million borrowers didn’t receive billing statements from Mohela according to schedule. Photo: Ting Shen for The Wall Street JournalThe Education Department will withhold a $7.2 million monthly payment for a major student loan processor because it failed to send out timely billing notices to millions of borrowers. The Monday move against Mohela, the Missouri Higher Education Loan Authority, comes as the government and the contractors who handle the billing and repayment program enrollment for federal student loans struggle with returning 28 million borrowers to repayment after a more than three-year pandemic-era pause.

Persons: Ting Shen Organizations: Education Department, Wall Street, Mohela, Missouri Higher Education Loan Authority Locations: Missouri

☆ A major student-loan company failed to send on-time billing statements to 2.5 million borrowers. Biden's Education Department is punishing it.
▼ + stars: | 2023-10-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced it's withholding $7.2 million in pay from student-loan company MOHELA. It's a result of MOHELA failing to deliver on-time billing statements to 2.5 million borrowers. AdvertisementAdvertisementPresident Joe Biden's Education Department just enacted its first punishment on a student-loan company for its repayment mistakes. MOHELA and the Education Department have previously expressed concerns with limited resources due to Congress failing to increase funding for Federal Student Aid in the previous fiscal year. The Education Department did not immediately respond to Insider's request for comment on whether there might be any adverse effects of withholding MOHELA's pay.

Persons: —, Joe Biden's, MOHELA, Miguel Cardona, Richard Cordray, Cordray Organizations: Education Department, Service, Joe Biden's Education Department, Public, Department, Federal Student Aid, Democratic Locations: It's, forebearance

☆ Education Department penalizes Missouri lender for error that made 800,000 student loan borrowers delinquent
▼ + stars: | 2023-10-30 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

The U.S. Department of Education will penalize student loan servicer Mohela, or the Missouri Higher Education Loan Authority, for its failure to send timely billing statements to 2.5 million borrowers. As a result of Mohela's errors, more than 800,000 borrowers were delinquent on their loans, the Education Department said in a statement Monday. Higher education expert Mark Kantrowitz said he believed this was one of the first instances of the government withholding payment from a student loan servicer. "It is only fair for the loan servicer to be penalized for mailing late statements." Federal student loan payments were on pause since March 2020, due to the Covid pandemic, but resumed this month.

Persons: servicer Mohela, Rich Cordray, Mark Kantrowitz, servicer, Kantrowitz, Mohela, servicers, Sen, Elizabeth Warren, Braxton Brewington, Brewington, Biden Organizations: U.S . Department of Education, Washington , D.C, U.S . Department, Education, Missouri Higher Education Loan Authority, Education Department, Finance, Federal, Mohela, CNBC Locations: Washington ,, Missouri, forbearance

☆ A major student-loan company is transitioning millions of borrowers' accounts to a new platform — and it could mean up to 30-day delays posting payments
▼ + stars: | 2023-10-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan company MOHELA said on its website that it's transitioning borrowers to a new platform. The switch could mean up to 30-day delays in posting new payments. MOHELA borrowers will have to establish a new account on the platform, and its mobile app will no longer be available once the transition is complete. The announcement of this change comes less than a month after federal student-loan payments resumed following an over three-year pause. For borrowers on auto debit with their payments, MOHELA also said it'll have a new name on its new platform: auto pay.

Persons: MOHELA, —, Joe Biden's, Scott Buchanan, servicers —, it'll, Nelnet —, Nelnet Organizations: Service, Joe Biden's Education Department, Student Loan, —, The Education Department

Olivier Douliery | Afp | Getty ImagesAmberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. Around 7% of student loan borrowers are now more than $100,000 in debt. "The government has made all these announcements, and it's really confusing to people," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Her original student loan bill of $483, which was listed as due on Oct. 20, wasn't affordable for her.

Persons: Miguel Cardona, Kamala Harris, Olivier Douliery, she's, MOHELA, couldn't, Ella Azoulay, Carolina Rodriguez, Rodriguez, Scott Buchanan, Joe Biden, he'd, didn't, Biden, servicers, Braxton Brewington, Sarah Cluff, Sarah Cluff Still, servicer, Cluff, Sen, Elizabeth Warren, Nelnet, Joe Popevis, NelNet, Popevis, Servicers, Brewington, Amberlee, Jane Fox, Fox, Buchanan, Rocky, they'll Organizations: Washington , D.C, Afp, Getty, Public, Missouri Higher Education Loan Authority, CNBC, Finance, Biden, Student, Protection, Carolina, Education, Consumer, Student Loan, Alliance, U.S . Department of Education, Valuable Education, Education Department, MOHELA, SAVE, Legal, Association of Legal Locations: Washington ,, Pennsylvania, Missouri, U.S, New York, servicers

☆ A millennial paid off his $18,000 student debt load. 4 months later, the payment still hasn't processed and his balance is even bigger.
▼ + stars: | 2023-10-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Xiong Chang made an $18,000 payment on his remaining student-loan balance in June. But it hasn't been processed yet, and his balance has grown due to interest. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But it's been over four months since he made that payment, and it still is not reflected in his account. According to his account, his balance now stands at $19,019.44 — with $96 in accrued interest.

Persons: Xiong Chang, He's, —, it's, Xiong, Joe Biden's, Education James Kvaal, I've, MOHELA Organizations: Service, Education, Consumer Financial, Education Department, Federal Student Aid, Republicans

☆ Student-loan companies are asking for patience to resolve account errors as payments come due, but borrowers can't afford to wait
▼ + stars: | 2023-10-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementAlicia, 48, is just a few months away from qualifying for student-debt relief through the Public Service Loan Forgiveness program. She said she anticipated that once the student-loan payment pause ended, she would be facing the same monthly payment. After over three years, the pandemic student-loan payment pause is officially over — interest started to accrue again in September, and bills are now starting to become due. So we can't wait months and months and months." Are you having challenges with student-loan repayment?

Persons: servicers haven't, —, Alicia, Alicia —, I've, servicers, it's, it'll, they're, We're, Xiong Chang, Xiong, I'm, servicer, he's, Miguel Cardona Organizations: Service, Public, Education Department, Customer Service Locations: PSLF

☆ Student-loan borrowers are facing 'excessively long' wait times for help from their servicers, Biden's Education Secretary says — and it'll take more money from Congress to fix it
▼ + stars: | 2023-10-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers started to face monthly bills again this week. Miguel Cardona told Insider he's aware of the challenges with repayment. October 1 marked the official end of pandemic relief for federal student-loan borrowers. Education Secretary Miguel Cardona told Insider in an interview that he's aware of the challenges this transition is bringing to both borrowers and servicers. AdvertisementAdvertisementStill, some student-loan servicers continue to point to lack of resources when faced with customer service complaints.

Persons: Miguel Cardona, —, we're, Cardona, Joe Biden's, Education James Kvaal, he's, Kvaal, Massachusetts Sen, Elizabeth Warren, Warren, servicers, MOHELA Organizations: Service, Bills, Education Department, Education, Federal Student Aid, Republicans Locations: Massachusetts

☆ Student-loan borrowers who weren't in the last round of debt cancellation can still count on relief if they 'did their end of the bargain,' Biden's Education Secretary says
▼ + stars: | 2023-10-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced $9 billion in debt relief for 125,000 student-loan borrowers this week. The department will continue evaluating which borrowers have completed the required payments. AdvertisementAdvertisementThe top education official doesn't want student-loan borrowers who believe they've made the required payments to lose hope if they have not yet gotten debt relief. According to Federal Student Aid, the Education Department will continue evaluating borrowers' accounts every two months to determine who has met the threshold for relief. Cardona said he recognizes "how difficult it is for so many borrowers" especially after the Supreme Court struck down President Joe Biden's first plan for debt relief.

Persons: Miguel Cardona, —, they've, PSLF, " Cardona, Cardona, Joe Biden's Organizations: Education Department, Service, Public, Education, Federal Student Aid, Federal

☆ Student-loan borrowers struggling with repayment should not be required to pay their debt until their account issues are resolved, 19 state attorneys general say
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Pandemic relief for student-loan borrowers is officially over. State attorneys general said those borrowers shouldn't have to make payments until the issues are fixed. AdvertisementAdvertisementA group of state attorneys general don't think student-loan borrowers should have to pay off their loans while struggling to get issues with their balances resolved. Interest also started building on balances in September due to the debt ceiling bill Biden signed into law in June that codified the end of the student-loan payment pause. Over the past few months, borrowers have increasingly been struggling with their servicers as they began to prepare for repayment.

Persons: —, Joe Biden, Miguel Cardona, servicers, Biden, Education James Kvaal, MOHELA Organizations: Service, Education, Student Aid, Democratic, The Education Department

☆ Why paying off your student loans won't get easier anytime soon
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +14 min

Student-loan borrowers are entering uncharted territoryThe Education Department has never had to reenter 28 million people into payments at the same time. Plus, federal servicers' technology may not be up to the task. In contrast, federal student-loan servicing has been contracted out to five companies, and the government doesn't have the resources to fully keep tabs on the industry. "So there really were deep-rooted structural problems in the loan programs on the policy design but also on the execution side," Kvaal said. As the years went on, the GAO continued to identify flaws in student-loan programs that were hurting borrowers.

Persons: Greg Ogden, Ogden, I've, servicer, he's, he'd, We're, Sen, Elizabeth Warren, James Kvaal, —, Kvaal, Barack Obama's, Obamacare, servicers, Scott Buchanan, servicers —, servicer MOHELA, MOHELA, Biden, Virginia Foxx, she's, Cardona, it's, Foxx, Carolyn Fast, Joe Biden's, Buchanan, Warren, Pamela Herd, Herd, Melissa Emrey, that's, Miguel Cardona, we're Organizations: Public, Education Department, Department, Student Loan, —, GOP, The Century Foundation, Federal Student Aid, Georgetown University, Medicare, Student Aid, Office, Biden, Social, Education, Consumer Financial, Emrey, Federal, Aid Locations: servicers, Arras

☆ A major student-loan company says 'extensive servicing delays are a likely outcome' as borrowers transition back into repayment — and it could 'last well into 2024'
▼ + stars: | 2023-09-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

One company, MOHELA, said it anticipates "extensive servicing delays" due to a lack of resources. MOHELA also said it received 36,309 complaints from borrowers over the past year. AdvertisementAdvertisementA major student-loan company that services over 7 million borrowers isn't too confident about its preparedness to enter repayment in a few days. That's compared to the 3,469 complaints Maximus, another servicer, received, and 3,063 from servicer EdFinancial. It's clear some servicers are concerned about their abilities to manage this transition back into repayment — and borrowers will likely suffer the consequences.

Persons: MOHELA, —, Sen, Elizabeth Warren, Nelnet, Warren, Joe Biden's Organizations: Service, Democratic, Public

☆ Elizabeth Warren says student-loan companies can't use lack of funding as an excuse for bad customer service — and she's 'deeply worried' they're not ready for repayment starting next week
▼ + stars: | 2023-09-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren led some Democratic colleagues in sending letters to four student-loan companies requesting information on the repayment restart. They also said a lack of funding is not a valid excuse for borrowers to be facing bad customer service. AdvertisementAdvertisementSenator Elizabeth Warren is worried that four federal student-loan companies aren't up to the task of transitioning millions of borrowers back into repayment in a few days. These letters come just days before pandemic relief for federal borrowers comes to an end. White House Press Secretary Karine Jean-Pierre said during a Monday press briefing that it would further strain Federal Student Aid's ability to assist borrowers over the next month.

Persons: Sen, Elizabeth Warren, —, Warren, — Sens, Chris Van Hollen, Ed Markey, Richard Blumenthal —, servicers, Joe Biden's, Virginia Foxx, Bill Cassidy, Karine Jean, Pierre, Jean, Pierre said Organizations: Democratic, Service, Federal Services, servicer, Central Research Inc, Education Department, — House Republicans, Federal Student Aid, Consumer Financial, Republican, Office, Department, House Press, Education

☆ Student loan payments could get easier for survivors of sexual assault if a bill introduced by Sen. John Fetterman and 10 other Democrats passes
▼ + stars: | 2023-09-25 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Rep. Madeleine Dean, Sen. John Fetterman, Rep. Ayanna Pressley, and eight other Democrats introduced HR 5588 on Wednesday — days before student loan payments are set to resume on October 1. This bill will make it possible for students to focus on their mental health without the burden of student loan payments." As the October deadline for federal student loan payments looms, Democratic lawmakers are looking for ways to soften the blow for borrowers. Meanwhile, the Biden administration has been taking steps to correct student loans for various borrowers being charged too much.

Persons: Madeleine Dean, Sen, John Fetterman, Ayanna Pressley, Fetterman, Elizabeth Warren, servicer MOHELA, Biden, Joe Biden Organizations: Service, Network, YWCA, Democratic Locations: Wall, Silicon, Pennsylvania

☆ 260,000 student-loan borrowers who were approved for debt relief might be pushed back into repayment anyway, a legacy advocacy group says
▼ + stars: | 2023-09-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan borrowers who were part of a 2022 settlement are still waiting for their relief to be processed. A legal advocacy group said a student-loan company is not carrying out the settlement terms correctly. It said some borrowers within the settlement were told they have to resume payments in October. The group said that forcing borrowers with pending borrower defense claims back into repayment "violates the court-approved Settlement Agreement and applicable regulations." The federal pause on student-loan payment ended on September 1 when interest began accruing again on borrowers' balances.

Persons: They're, Cardona —, Donald Trump's, Joe Biden's, it's, MOHELA, Scott Giles, servicers, Cardona, Virginia Foxx, Sen, Bill Cassidy —, —, New Jersey Sen, Bob Menendez, Secretary Miguel Cardona Organizations: Service, Education Department, Donald Trump's Education Department, Department, Consumer Financial, Bureau, Democratic, New, Secretary, Public, The Education Department Locations: Wall, Silicon, New York, Sweet v, New Jersey

☆ Student-loan borrowers eligible for debt cancellation might be 'forced back into repayment' anyway because of their servicer's poor customer service, 6 Democratic senators say
▼ + stars: | 2023-09-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Six Democratic lawmakers requested the Education Department look into student-loan company MOHELA. They said they're concerned with paperwork delays that could force borrowers who qualify for PSLF relief back into repayment. Federal student-loan payments are resuming on October 1. "With the restart of repayments, these issues are likely to worsen for borrowers," the lawmakers said in the letter. "Borrowers who are eligible to have their debt cancelled under the PSLF program should not be forced back into repayment due solely to MOHELA's processing delays, which cause difficult financial situations for so many borrowers.

Persons: MOHELA, New Jersey Sen, Bob Menendez, Sen, Elizabeth Warren, Secretary Miguel Cardona, they've, Angus King, Alex Padilla, Ed Markey, Cory Booker, Cardona, Katie Porter, Joe Courtney, Scott Giles, that's, Scott Buchanan, servicers — Organizations: Democratic, Education Department, Federal, Service, Secretary, Public, MOHELA, Department, Student Loan, — Locations: Wall, Silicon, New Jersey, PSLF, Sens

☆ Student-loan borrowers' federal balances are now growing every day from interest — but technical issues are delaying some of them from paying it off
▼ + stars: | 2023-09-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Interest on student loans started accruing daily again last week. That's because interest on federal student loans grows daily. According to Federal Student Aid: "Unlike other forms of debt, such as credit cards and mortgages, Direct Loans are 'daily interest' loans. On daily interest loans, interest accrues (adds up) every day." Nelnet did not immediately respond to Insider's request for comment on the website outage.

Persons: Nelnet, Biden Organizations: Service, Systems, Federal Student, Student Locations: Wall, Silicon

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