An article by the Washington Post reveals the Education Department and Student Loan Servicers are "contending with administrative errors" in regard to the rollout of the SAVE Plan. This has left borrowers feeling frustrated and confused.
The SAVE Plan which was revealed to lower payments for most borrowers and help with interest building, appears to have done the opposite.
Interviews with half a dozen people who enrolled in the SAVE Plan revealed the following:
- Administrative errors and inaccurate payment amounts
- Miscalculations are confusing borrowers and leaving them anxious
- An estimated 420,000 borrowers have been affected by the miscalculations
More examples of SAVE Plan errors
The Debt Collective, a debtors union fighting for economic justice and economic freedom, has been doing a ton of research for borrowers and you can see what some of their followers have sent in as an example:
With it being the first time federal student loan payments have been due since March 2020, you have to think.. when are things going to get better for student loan borrowers?
Here are some helpful resources for you if you're struggling to find out who your loan servicer is, or are searching for a company to help pay off your student loan debt.
