Student Loan Borrowers Face Nightmare as Payments Resume Under Biden's Botched Plan

Many borrowers, including a 31-year-old with $44,000 in student debt, are experiencing payment errors and enrollment issues with the new income-driven repayment (IDR) plan introduced by the Biden administration. At least 420,000 borrowers have had their payment calculations miscalculated by loan servicers, causing frustration and confusion. The errors primarily affect those who tried to enroll in the Saving on a Valuable Education (SAVE) plan, which was touted as a more affordable option. The U.S. Department of Education is working to rectify the problems and has placed affected borrowers in forbearance until the payment amounts are corrected. The Biden administration has encouraged borrowers to enroll in the SAVE plan, but the rollout has been plagued with issues, leaving borrowers struggling to navigate the repayment process.