The Biden administration restarted student loan bills for 40 million Americans this month. So far, the transition is proving painful for many borrowers.
, or the Missouri Higher Education Loan Authority. The PSLF program allows those who have worked for certain nonprofits or the government to get their debt erased after 120 payments, or 10 years. McGaughey's records, reviewed by CNBC, show that she's made 125 qualifying payments.When she contacted MOHELA, she couldn't get anyone on the phone.
After that setback, and with the 2024 presidential campaign looming, Biden quickly moved ahead to provide borrowers with a new set of relief options before payments For SAVE payment plan issues, the department directed servicers to notify affected borrowers and put them into an administrative forbearance until they were able to calculate the correct payment amount. It may also refund some borrowers, the spokesperson said., to apply for the SAVE plan. Under the program, borrowers' payments are calculated based on their household size and income, and Cluff had a number of questions. She recently got married and is now pregnant.
Still, the long wait times and incorrect information are inexcusable, Brewington said. These companies have had months to prepare, he said. He also said that long before the pandemic, the servicers had a record of
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