In a U.S. Department of Education memo, senior officials detail errors made by servicers as tens of millions of borrowers resumed their payments in October.
In a U.S. Department of Education memo, senior officials detail the errors made by its servicers as tens of millions of borrowers resumed their payments in October.
"The restart of repayment has caused pure chaos for nearly 3 million borrowers," said higher education expert Mark Kantrowitz, who reviewed the memo at CNBC's request. Yet one woman who signed up for the SAVE plan got a bill for $355, the memo notes, when she was only supposed to owe $58. Her bill before the pandemic was $130 per month.More than 21,000 people were billed"very high" and"potentially incorrect" amounts, according to the memo. One borrower was told they owed $108,895.19 for the month. The memo also details the problems that resulted from Mohela's failure to send timely billing statements to 2.
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