student-loan repayment overhaul
Coverage of student-loan repayment overhaul in the Nexus archive.
- Some student-loan borrowers mistakenly received past-due notices. Correction emails are coming.
Student-loan borrowers mistakenly received past-due notices from servicer MOHELA, which the Education Department confirmed was an error. Affected borrowers will receive correction emails, and the issue occurs amid President Donald Trump's student-loan repayment overhaul. Administrative errors, including incorrect payment notices for 6,000 borrowers, have raised concerns about billing accuracy and servicer support.
- 'A bunch of red tape': Student-loan borrowers can't get clear answers from the companies that manage their debt
Student-loan borrowers report difficulties obtaining clear information from loan servicers, including long hold times, disconnected calls, and conflicting payment details. The Education Department claims it monitors servicer performance, but borrowers like Jessica Salmi, Jason Marques, and Robin Binkley describe struggles to navigate repayment plans and payment amounts.
- Student-loan borrowers are pushing off retirement, delaying children, and taking on 3 jobs to prep for repayment changes
Student-loan borrowers are working multiple jobs, delaying retirement, and postponing major life decisions to manage increased payments under a new repayment overhaul. KeliAnne Piscopo, a 59-year-old with $54,000 in student debt, works 70 hours weekly across three jobs but struggles to cover a new $95 monthly payment.