New Student Loan Program Riddled with Errors, Leaving Borrowers With Unaffordable Payments

New SAVE repayment plan intended to make monthly payments cheaper, but many borrowers faced errors and unaffordable payments

Single mom with $60,000 debt told payment would be $47/month but got bill for $175 she can't afford

Another borrower told payment would be $125 but got bill for $428 and missed payment due to error

Servicers tell borrowers to "just wait" but interest accrues and credit scores suffer during repayment delays

Borrowers and Education Department blame lack of funding for mistakes and poor customer service