by Peter Schiff, Schiff Gold:

There’s been lots of talk within the Biden Administration about forgiving student loan debt. But with chaos widely reported at companies that service student loans, some debtors can’t even figure out how much they owe — much less actually pay down their balances.

Rampant billing errors are contributing to both over and underpayments, straining bank accounts and sometimes resulting in higher outstanding interest. Monthly billing statements are missing entirely for some debtors, leaving them unable to figure out what they’re supposed to be paying. And even though the issues are caused by loan servicers rather than debtors themselves, they’re resulting in dinged credit scores and increased borrowing costs for already cash-strapped students and alumni.