All articles tagged with #billing errors
The U.S. Department of Education has admitted to sending "very high" and "potentially incorrect" bills to over 21,000 borrowers as student loan payments resumed in October. One borrower was shocked to receive a monthly bill of $108,895.19. If you are among those affected, it is important to review your loan balance and take action to dispute any inaccuracies.
The Department of Education is withholding $7.2 million in payment to student loan servicer Missouri Higher Education Loan Authority (MOHELA) due to billing statement errors that resulted in 2.5 million borrowers receiving late statements. Over 800,000 borrowers were put into delinquency status as a result. The department has instructed MOHELA to place all affected borrowers in forbearance until the issue is resolved, and borrowers on income-driven repayment plans will not have the affected months counted against them. The department also found additional errors, including incorrect payment amounts and borrowers on the Borrower Defense program being put back on repayments, and those borrowers have also been placed on forbearance.