• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Iran just crossed Trump's red line for resuming all-out war as fighting continues to escalate with no end in sight

2

U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war

3

Indeed chief economist: Aging Baby Boomers are America's real labor problem, not AI

1

Iran just crossed Trump's red line for resuming all-out war as fighting continues to escalate with no end in sight

2

U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war

3

Indeed chief economist: Aging Baby Boomers are America's real labor problem, not AI
Personal Financestudent loans and debt

The websites of major student loan service providers crashed for several hours after Biden’s forgiveness announcement

Kaitlyn Koterbski
By
Kaitlyn Koterbski
Kaitlyn Koterbski
Personal Finance Expert
Down Arrow Button Icon
Kaitlyn Koterbski
By
Kaitlyn Koterbski
Kaitlyn Koterbski
Personal Finance Expert
Down Arrow Button Icon
August 24, 2022, 3:52 PM ET
Couple looking at laptop while sitting on sofa at home
The Good Brigade
Add Fortune on Google for similar content.

Student loan borrowers have been waiting for months to find out whether their debts would be forgiven by President Joe Biden, who promised relief when he ran for president. 

So when he finally made the announcement today that borrowers could receive up to $20,000 in relief, people rushed to check their own loan balances. But many had a lot of trouble logging on.

The websites of loan servicing companies and a government agency crashed on Wednesday. Nelnet and Great Lakes student loan servicing were down for at least a few hours, as borrowers raced to find out more information on Biden’s relief program. Mohela was also down at one point this afternoon, and the Federal Student Aid website experienced a “high volume of visitors” and went down temporarily, according to an error message.

When asked for comment by Fortune, Nelnet and Great Lakes, which appear to be using the same spokesperson, wrote:

“We regret borrowers are struggling to find information on the Administration’s debt cancellation plan.  Unfortunately, servicers and borrowers are learning about this plan simultaneously through the media. As a result, we don’t have details to share with borrowers who want to know about their eligibility and possible timeline for cancellation when they call-in or visit our website. When we have more information, we look forward to supporting our customers through the process.”

Mohela did not immediately return Fortune’s request for comment. 

President Biden posted an announcement on Twitter on Wednesday that loan relief is coming—including up to $20,000 for those with Pell Grants and $10,000 for all other federal borrowers—he did not immediately detail all of the in and outs of the program, leaving borrowers with more questions than answers.

“This is the first time I’ve ever actually wanted to log in to Nelnet. And I can’t. The irony,” twitter user Wes Crosby wrote. 

This is the first time I've ever actually wanted to log in to Nelnet. And I can't.

The irony.

— Wes Crosby (@OtherNHLCrosby) August 24, 2022

if nelnet doesn't come back online i'm just going to interpret that as meaning that i don't owe them any money anymore

— Rory Blank (@BoneJail) August 24, 2022

Along with announcing the forgiveness plan, Biden also extended the pause on student loan payments, which began in 2020 during the pandemic, through the end of this year, writing that he was delaying it “one final time.”  

Although Biden’s loan forgiveness plan will wipe out the student debt of nearly half of all borrowers, there are still major caveats, and not everyone qualifies. Borrowers who earn over $125,000 are not eligible for the debt cancellation, and it does not apply to other types of loans that a student may have taken out to pay for school that were not technically student loans.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
About the Author
Kaitlyn Koterbski
By Kaitlyn KoterbskiPersonal Finance Expert
LinkedIn icon

Kaitlyn Koterbski earned a bachelor's Degree from the University of Wisconsin-Madison in personal finance with an emphasis in financial planning and a certificate in entrepreneurship. She currently works as an accounting assistant at WHR Global.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Personal Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Personal Finance

Commercial auto insurance explained for business owners
Personal FinanceInsurance
Commercial auto insurance explained for business owners
By Joseph HostetlerJuly 17, 2026
1 day ago
Best certificates of deposit (CDs) for July 2026
Personal FinanceCertificates of Deposit (CDs)
Best certificates of deposit (CDs) for July 2026
By Glen Luke FlanaganJuly 17, 2026
2 days ago
monks
SuccessReligion
Meet the Texas monk with no phone, no account —and millions of followers online
By Deepa Bharath and The Associated PressJuly 17, 2026
2 days ago
Should you pay for mortgage points? A guide to saving on your interest rate
Personal Financemortgages
Should you pay for mortgage points? A guide to saving on your interest rate
By Joseph HostetlerJuly 17, 2026
2 days ago
Current price of gold as of July 17, 2026
Personal Financegold prices
Current price of gold as of July 17, 2026
By Danny BakstJuly 17, 2026
2 days ago
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks at the Goldman Sachs 10,000 Small Businesses Summit in Washington, D.C., U.S., on Tuesday, Feb. 13, 2018.
SuccessWarren Buffett
Even before he was wealthy, Warren Buffett planned to give away all his money—now he doesn’t check on his children’s charities to see how they use it
By Eleanor PringleJuly 17, 2026
2 days ago

Most Popular

Iran just crossed Trump's red line for resuming all-out war as fighting continues to escalate with no end in sight
Middle East
Iran just crossed Trump's red line for resuming all-out war as fighting continues to escalate with no end in sight
By Jason MaJuly 18, 2026
10 hours ago
U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war
Economy
U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war
By Sasha RogelbergJuly 17, 2026
2 days ago
Indeed chief economist: Aging Baby Boomers are America's real labor problem, not AI
Commentary
Indeed chief economist: Aging Baby Boomers are America's real labor problem, not AI
By Svenja GudellJuly 18, 2026
21 hours ago
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
C-Suite
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
By Fortune EditorsJuly 15, 2026
4 days ago
Kevin O’Leary claimed opposition to his Utah data center was fueled by Chinese money. Now he and Fox News are being sued for defamation
Law
Kevin O’Leary claimed opposition to his Utah data center was fueled by Chinese money. Now he and Fox News are being sued for defamation
By Marco Quiroz-GutierrezJuly 17, 2026
2 days ago
Peter Thiel just gave the public its closest look yet at his 'Antichrist' theory—and it's a tech and climate regulator
Politics
Peter Thiel just gave the public its closest look yet at his 'Antichrist' theory—and it's a tech and climate regulator
By Nick LichtenbergJuly 18, 2026
19 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.