Student-loan borrowers were mistakenly told their monthly payments were $50. Some of their bills are much higher.
One student-loan borrower applied for a repayment plan, thinking her monthly payment was $50. Three days later, she got a bill for $2,200.
Some student-loan borrowers were mistakenly told their monthly bills would be $50.Douglas Rissing/Getty ImagesSome student-loan borrowers were mistakenly told their payments would be $50.An Education Department spokesperson said the error has been resolved, and servicers will email affected borrowers.
The issue affected borrowers who shared their federal tax information with Federal Student Aid.Don't count on keeping that $50 monthly student-loan payment.An Education Department spokesperson confirmed to Business Insider that some student-loan borrowers who submitted online income-driven repayment applications were told they would receive an incorrect monthly payment of $50.
The error affected borrowers who shared their federal tax information with Federal Student Aid, the spokesperson said, and did not comment on the total number of borrowers who received the incorrect payment amount.The issue has been resolved, and borrowers are expected to see accurate payments on FSA as early as this week, the spokesperson said, adding that servicers will email affected borrowers and that borrowers do not need to reapply for a repayment plan. How will Trump's student-loan changes affect you?
Are you preparing for higher monthly payments or changing your educational plans? Share your story by filling out this form, and we'll be in touch. This comes just weeks before President Donald Trump's sweeping student-loan changes will take effect on July 1.
Those changes include new borrowing caps and repayment plans, which are expected to increase borrowers' monthly bills, some by hundreds of dollars.Business Insider spoke to nine student-loan borrowers who were told they had $50 payments, despite expecting their actual payments to be much higher. They said they had received no official correspondence from their servicer informing them of the error, and some are still waiting to learn what their correct payment is.
Brad Jacobsen, 46, said that he expected his next student-loan payments to be
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