Student Loan Payments Not Quite Adding Up? You're Not Alone. Education Department Estimates 420,000 Borrowers Affected by Miscalculations
Student loan interest and repayment has restarted for the first time in three and a half years for millions of Americans with federal student loans. Most borrowers had (or have) their first payment due date in October.
Plus, there's a lot that has changed since federal student loan borrowers were last required to make loan payments. For one thing, the three largest student loan servicers all exited the business during the payment pause, so millions of people have a different servicer than before.
Another change is that the Biden administration recently rolled out a brand-new income-driven repayment plan, known as the SAVE Plan, which should help lower payments for most borrowers. Finally, there's the 12-month "on-ramp" to repayment, which essentially allows borrowers to skip payments between now and September 2024 if they choose to do so, although interest will still accumulate.
Source Fool.com
