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