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Lender miscalculated income in last year’s payment

Total Posts: 1

Joined 2016-09-13

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Today, I called Great Lakes (my lender) because my IBR payment went from $0 last year to nearly $250 this year. My salary changed a bit between the two years, but not enough to account for that huge jump. As a comparator, I have another IBR loan payment that went up by less than $30, based on my income change.

I spoke to two representatives who confirmed that there had been an error on their end in the calculation of my income, despite my having sent them a copy of my pay stub. Last year, they inaccurately calculated my income at six cents and my resulting payment was $0.

Once we had determined that last year’s payment resulted from their error, I asked if they could please reduce this year’s payments to account for the hardship I will face by the significant increase in my monthly payment. It seems to me that they should bear some responsibility for their mistake, but the answer I got (over and over) is that the current IBR calculation is accurate and they can’t make changes to last year. So, according to them, my options are: (1) pay the current amount, or (2) apply for a forbearance/deferment. It isn’t that I don’t want to pay; it’s that I would like a reduction in the amount I pay.

I am a lawyer (for better or worse) and I’d like to write a strongly worded letter about this, if I have any leg to stand on. But, I realize that I may not…

Thoughts?

 

Total Posts: 1

Joined 2016-10-10

PM

 

This is the exact situation that happened to me. WITH Great Lakes.  I submitted correct documentation and was told my IBR would be $52 . . . which I happily paid for a year. After submitting the annual documentation for the upcoming year, my payment went from $52 to $293. When I asked for an explanation for the jump (my income didn’t increase in proportion to the increase in the payment) they told me they had made an error when entering my figures. The interest that has accrued totals over $3,000. When I asked for proof of the error in their calculation, they said they sympathize with me, but would not honor my request to show them their mistake.

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Total Posts: 3

Joined 2017-02-26

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Actually. Tell to me, please - where I can find more information on this question?