More than 300,000 student loan borrowers given incorrect repayment information

Reporter: Andryanna Sheppard
Published: Updated:
Paying off your student loans could lower your credit score but only for a short amount of time.

According to the US Department of Education, more than 300,000 people received the wrong information regarding their federal student loan repayments. This comes as student loan payments resume for the first time in three years this month.

The Education Department has told servicers to tell affected borrowers and to put them into administrative forbearance until the correct repayment amount is calculated.

student loan debt
Photo via MGN.

The issue is impacting some borrowers in the new SAVE plan, including those whose payments should be $0 per month. The agency said the wrong information was given to less than one percent of the 28 million borrowers who are reentering repayment in October.

Copyright ©2023 Fort Myers Broadcasting. All rights reserved.

This material may not be published, broadcast, rewritten, or redistributed without prior written consent.