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About 305,000 student loan borrowers got monthly bills with the wrong amount

Borrowers who believe their monthly payment amount is wrong should first double check with’s simulator, which helps people calculate what their monthly payment should be and what repayment plan is best for them.

If the amount looks off, Mayotte recommends that the borrower call the loan servicer – and continue to call until someone on the phone gets the bill corrected.

Some borrowers have had to wait hours on holdto connect with a customer service representative, and student loan servicer websites have been sporadically down since interest resumed accruing on federal student loans on September 1.

Mayotte also warned about scammers that mislead borrowers with offers to lower their student loan payment for a fee.