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By August 2022, MOHELA was responsible for overseeing some 6.7 million student borrower accounts on the DOE's behalf, along with around 330,000 private loan borrowers. [1] This increased to over 7.5 million borrowers by August 2023. [7] As of December 2022, MOHELA has a 1.01 star rating from the Better Business Bureau. [8]
A MOHELA spokesperson previously told Business Insider that "providing support to student loan borrowers is the utmost priority to MOHELA, and any claims to the contrary are false."
Additionally, they can contact the Federal Student Aid Information Center at 800-433-3243 or check their credit reports to find out who their new servicer is. What happened to Public Service Loan ...
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As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.
SoFi Technologies, Inc. (commonly known as SoFi) is an American personal finance and financial technology company founded at Stanford University in 2011. [3][4] It provides various direct banking services, [5] while also serving other financial institutions via its technology platform. [6][7] SoFi reports 8.8mn users and 158mn platform accounts ...
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In response, the department announced it is withholding a $7.2 million payment to student loan servicer MOHELA for not providing student loan bills on time. The Education Department said 2.5 ...