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Search resuls for: "Ann Currie"


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☆ 305,000 student-loan borrowers got the wrong billing information from their servicer and 'will not have payments due until these mistakes are fixed,' Biden's Education Department says
  + stars: | 2023-10-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Education Department confirmed 305,000 student-loan borrowers had payment errors. AdvertisementAdvertisementThousands of student-loan borrowers have faced issues with their payments as they started footing another monthly bill once again. President Joe Biden's Education Department confirmed to Insider on Friday that about 305,000 borrowers have received inaccurate monthly payments from their servicer — less than 1% of the 28 million borrowers entering repayment. After over three years, the student-loan payment pause ended in September when interest started accruing again on federal borrowers' balances. Some borrowers have reported inaccurate bills under the new SAVE income-driven repayment plan, which the Education Department rolled out over the summer to give borrowers more affordable monthly payments.
Persons: servicers, —, Joe Biden's, Ann Currie, Currie, I'm, Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education Department, Department, Bills, Biden, Education
☆ Meet a single mom with $60,000 in student debt who was billed over $100 more than she was told her monthly payment would be: 'I will be struggling if I made that payment'
  + stars: | 2023-10-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
The new SAVE income-driven repayment plan was intended to make borrowers' monthly payments cheaper. But many borrowers have faced errors with the plan and their payments are higher than what they can afford. "I do want to pay something, but I'm not able to pay that amount that they're requiring me to pay." When the Education Department officially rolled out the SAVE plan in August, it was coined as "the most affordable repayment plan yet." When she applied for the SAVE plan, she was told her monthly payment would be $125 a month, but when she got her billing statement, she was facing a $428 payment, according to documents reviewed by Insider.
Persons: —, Ann Currie, Currie, Joe Biden's, I'm, servicers, she's, Joanna Arbach, hasn't, Arbach, it's, They've Organizations: Service, Education Department, SAVE, Federal Student Aid Locations: Washington
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