A funding shortfall is forcing Education Department officials to cut customer service to student loan borrowers just as the agency prepares to send millions of Americans their first bills in more than three years.
, noting the requirement that borrowers receive a billing statement at least 21 days in advance of their due date.
In a budget document released last month, the Education Department warned that the current level of funding for its student aid operations “poses significant risks” for implementing a “smooth return to repayment.” “We continue to urge Congress to fully fund President Biden’s FY24 budget request, which would provide critical resources to FSA,” the statement continued. “At the same time, we will continue to work closely with servicers to prioritize providing services to borrowers as quickly and effectively as possible.”
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