Nearly 5 million student loan borrowers were harmed by an unusual mistake that was triggered after new rules offered debt relief during the COVID-19 crisis.
filed in California on behalf of the borrowers against Great Lakes, a subsidiary of Nelnet; the credit reporting agencies, and VantageScore.
Nelnet spokesperson Ben Kiser apologized for the inconvenience, saying Great Lakes remains committed to resolving the issue promptly. "Instead of reporting borrowers as current with monthly payments of $0, Great Lakes reported borrowers as current with deferred monthly payments of $0," he said. For consumers, it's yet another headache associated with lost jobs, fewer paid hours and other financial challenges related to the COVID-19 crisis.
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