Lending Lessons 101: You May Be Overcharged
As many as one-million student borrowers will be paying more on their monthly payments as a result of a computer glitch at Sallie Mae, the largest servicer of student loans in the country, the company said. Because of the error, borrowers were undercharged for more than 10 years and must now make up the amount they underpaid.
The glitch will increase the monthly payment for effected borrowers for some as much as $100 a month, but on average by $8 or $9 a month. Sallie Mae said no student will end up paying more money overall because of the error.
Ed Roberts can be reached at eroberts