Student-loan borrowers are facing 'drastic changes' to repayment that require lawmakers to step in, 89 organizations say

Organizations are calling on lawmakers to conduct an emergency hearing following major student-loan repayment changes. Getty Images 89 groups ask lawmakers for an emergency hearing on student-loan repayment changes and errors. Borrowers have reported errors and glitches with their repayment following Trump's overhaul. The groups said that Congress should step in to ensure student-loan borrowers are protected. On Tuesday, a coalition of 89 advocacy groups, unions, and nonprofits told Congress: student-loan borrowers need emergency oversight. Organizations including the advocacy group Protect Borrowers, the AFL-CIO, and the American Federation of Teachers, called on multiple House and Senate leaders to ensure accountability for student-loan servicers and the Education Department in implementing President Donald Trump's repayment overhaul. The letter cited Business Insider's reporting on the host of repayment changes that have sparked confusion and errors for borrowers in recent months, after Trump's overhaul took effect July 1. Some have received incorrect monthly payment amounts from their servicers; others have received erroneous notices that their loans were past due; and a group of public servants lost some payments toward the Public Service Loan Forgiveness program, which the administration attributed to coding errors. "The federal student loan system is undergoing several drastic changes all at once," the letter said, asking lawmakers to "engage in critical oversight and convene an emergency hearing." Meanwhile, borrowers are gearing up for higher monthly payments under the new repayment options, and have said glitches and errors are making it difficult to budget. Aissa Canchola Bañez, the policy director at Protect Borrowers, said in a statement that the groups are "calling on Congress to get back to work and do the critical oversight their constituents need, protect borrowers, and hold this Administration accountable for the mess they have created." The administration has maintained that its repayment changes are intended to simplify a complex repayment system and compel colleges to lower their tuition. Yet advocates and lawmakers have raised concerns about the lack of federal oversight over the student-loan system. The Consumer Financial Protection Bureau called on its employees to "deprioritize" oversight in a federal memo last year, and a report from the Government Accountability Office said that the Education Department has stopped monitoring servicers for call accuracy. Have a story to share about student loans? Contact this reporter at asheffey@businessinsider.com. Read the original article on Business Insider