Nelnet, other student loan websites struggling after Biden cancels some debt, borrowers say

Aug. 24, 2022Updated: Aug. 24, 2022 12:18 p.m.

New Rice University students enter the university through the Sallport archway on Friday, Aug. 21, 2020, in Houston as part of the ceremonial event to welcome them.

Marie D. De Jesús, Houston Chronicle / Staff photographer

Federal loan servicers are experiencing major slowdowns on their websites after President Joe Biden on Wednesday announced the cancellation of student loan debt for millions of low and middle-income Americans.

Borrowers flocked to their lenders’ webpages to see their loan balances, but many of them had crashed or were apparently struggling to keep up with demand. On Twitter, people said they were having difficulty accessing their information from servicers such as EdFinancial Services, Nelnet and Aidvantage.

HOW TEXANS ARE IMPACTED: What Biden’s plan will mean to more than 3.6 million Texans with student loan debt

More than 3.6 million Texans are federal loan borrowers, and owe an average of $32,920. Under Biden’s plan, people earning less than $125,000 per year will have at least $10,000 in loans forgiven.

Those who attended college on Pell grants for low-income students — a group that makes up 60 percent of borrowers — will have $20,000 wiped from their balances.

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Samantha Ketterer is a Houston Chronicle reporter covering higher education.

She joined the staff as a breaking news reporter in 2018. She later covered criminal justice and the Harris County courthouse.

Samantha, who is from Houston’s suburbs, graduated from the University of Texas at Austin and is a proud alumna of The Daily Texan. She is a former reporting fellow for the Dallas Morning News’ state bureau and a former city hall reporter for The Galveston County Daily News.