GREENSBORO, N.C. — After a long break, student loan repayments are back on. 28 million borrowers are set to make payments.
That's a lot of people, and it puts a strain on the system. The U.S. Department of Education confirmed about 305-thousand borrowers ran into an issue with their loan payment this month.
The problem is the payment was for the wrong amount.
Loan servicers are supposed to notify you if there is an issue and put your payment on hold until it is calculated correctly.
Betsy Mayotte, President of the Institute of Student Loan Advisors, answered questions about student loans plus the glitch preventing some people from paying them back.
What can borrowers find out on studentaid.gov?
They can find out the following:
- What loans they have
- Who is servicing their loan
- How much they owe
- Payment options
- A loan simulator tool
What if I wasn't informed about payments due?
"At this point, on Oct. 24, you absolutely should have been notified by now, Mayotte shared. "They are required to notify you 21 days before the first payment is due. The first thing you should do is log on to the servicer account to make sure they have the correct contact information."
How do I know if I qualify for loan forgiveness?
The one-time account adjustment is a one-time waiver that the Department of Education is applying to most federal student loan borrowers.
"Some people may have already received the one-time waiver," Mayotte said. "Out of 40 million plus borrowers, 900,000 have the waiver applied to their accounts so far. These are people who have been paying on their loans for 20-plus years."
How do I update my mailing address for my student loans?
You can call, but Mayorette said the wait times can be hours long. You can also log onto your loan-servicer account to update your address.
Always go to studentaid.gov to find the answers you need.
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