President Joe Biden’s announcement Wednesday that he’s extending the scholar mortgage fee pause by Dec. 31, 2022 and forgiving as much as $10,000 in scholar loans per particular person sparked main pleasure amongst debtors. It additionally precipitated the web sites of a number of scholar mortgage servicing firms to crash.

As of two p.m. ET, the login web page for Nelnet, the most important servicer of scholar loans within the US, was down. “Nelnet.com is down for everybody — It isn’t simply you,” Is It Down Proper Now, which tracks whether or not websites are lively, reported. “The server isn’t responding.”

“We apologize Nelnet is experiencing extraordinarily excessive web site and cellphone visitors. We respect your endurance. We all know you’ve questions on scholar mortgage cancellation,” Nelnet tweeted shortly earlier than 2:30 p.m. ET. 

 A discover on the corporate’s homepage learn, “We’re updating our web sites and programs as shortly as attainable to clarify the varieties of aid now accessible for federal scholar loans held by the Division of Schooling. We respect your endurance.”

Nelnet reminded followers that “there is not any fast motion wanted” within the wake of Biden’s scholar mortgage cancellation announcement, and invited them to view data on the US Division of Schooling Federal Scholar Assist web site.

That web site was additionally unavailable to some, although.

“Lots of people are concerned about our web site,” a be aware on the FSA web site learn. “In consequence, some pages might take longer to show than normal. Thanks to your endurance.”

There are lower than a dozen scholar mortgage servicers and most websites, together with Aidvantage, seem like experiencing some type of outage or slowdown.

The positioning for Nice Lakes, a subsidiary of Nelnet, was down earlier within the day, however now seems to be working.

As of September 2021, Nelnet and Nice Lakes managed almost $513 billion in government-owned scholar loans, in response to Investopedia, or greater than 40% of all scholar loans within the US.

Extra to come back.

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