GREENSBORO, N.C. — October is the month it all changes, not just the leaves, but the timeline for student loan borrowers. For the last three years, there has been a pause on student loan payments, but that all changes this month.
28 million borrowers have either made their payment or are getting ready to.
So it's probably not surprising to hear there's been a few problems.
According to the Detroit Free Press, the U.S. Department of Education confirmed about 305,000 borrowers ran into an issue with their loan payment this month.
That's about 1% of all borrowers. The problem, 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.
Chances are, you're not in the 1%, but if you are or have any other questions about your loan, the one place to go is StudentAid.gov. It is the resource for finding out information about your loan and payment.
If you're worried about making that payment, maybe even missing a payment, there's help for that as well.
"One thing the Biden administration did announce was that there was something called an on-ramp which was a recognition that a lot of people who are starting repayments might mess up a little bit. Say you miss a payment, well, they're not going to report it to a credit agency, they're not going to put your loan into default. They're not even going to really consider you a bad payer," said Jill Schlesinger, CBS News Business Analyst.