An estimated 305,000 people initially received federal student loan bills with the wrong amount - many with charges higher than they should be - when payments resumed this month after a three-plus year pause.
The Department of Education identified the errors and directed student loan servicing companies to place the impacted borrowers in an administrative forbearance during which they are not required to make payments.
But for those affected, the mistakes add to the stress some borrowers already feel as they try to fit their monthly student loan bills back into their budgets. Complicating matters further is the launch of a new income-driven plan called SAVE . The new repayment plan offers the most generous terms and will likely offer the smallest monthly payment for the lowest-income borrowers - but it went into effect this summer, and some borrowers who applied in August or September are still waiting for their applications to be processed.
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