Mom’s Nightmare: $192,000 Student Loan Relief Reversed, Putting Her Back in Debt
Hardworking Teacher’s Student Loan Relief Turns Sour: Financial Plans Ruined by Servicer’s Mistake
Hardworking mom and teacher named Anne recently found out that the $192,000 relief she got from her Student Loan last year was a mistake. Anne, who is 46 years old had been making payments for over ten years through a program called Public Service Loan Forgiveness. In June she saw her loan balance disappear but a letter from her loan servicer called MOHELA changed everything and putting her back in debt and ruining her financial plans, according to the article of Business Insider.
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Mom’s Nightmare: $192,000 Student Loan Relief Reversed, Putting Her Back in Debt. (PHOTO: ProCon.org)
Student Loan System Fail: Anne’s Reversal of Fortune Highlights Need for Oversight
Anne’s situation shows how errors in the Student Loan system can have terrible consequences. She had already celebrated her freedom from debt by saving for retirement and planning for her kids education. Now, she has to figure out how to make monthly payments again. This setback is tough on Anne and her family and it’s a reminder of why we need better oversight and fairness in the Student Loan process to prevent this from happening to others.
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