The Student Loan Fund emphasizes "payments made" need not worry; repayment amounts are not lost even if the app's balance is not yet updated.
FacebookStudent Loan Fundposted a statement saying, "The Student Loan Fund (SLF) clarifies regarding recent social media reports about outdated or incorrect debt balances shown on the SLF Connect application following loan repayments. This has caused concern and undermined confidence among borrowers about their loan obligations. The SLF confirms that repayments will be correctly applied to outstanding debt and is seriously addressing issues with the app's debt display to restore borrower confidence promptly."
Regarding the social media reports about the SLF Connect app showing outdated or inaccurate loan balances after repayments, which caused borrower concern and uncertainty about their current debt status, the SLF confirms that all borrower repayment transactions are fully and correctly recorded in the system with no loss. Borrowers can verify their past payment records through the SLF Connect app under Services > Other Records > Payment History, which shows all payment details and serves as official proof.
The reason the remaining loan balance in the app is not up-to-date is that the SLF is currently upgrading its debt calculation system to comply with legal requirements. This process requires extensive review of historical data covering over four million borrower accounts with numerous transactions, resulting in development delays beyond the original schedule and causing temporary outdated data in the app.
The SLF recognizes that debt balance information is crucial for borrowers' repayment decisions. We sincerely acknowledge these shortcomings and apologize for the inconvenience caused. We assure borrowers that their legal benefits will not be affected by this issue. The SLF will diligently and transparently rectify the problem with thorough oversight and will continuously update the public through official communication channels to restore borrower and public trust as soon as possible."
Thanks to the Facebook page of the Student Loan Fund