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Biden administration “takes next step” toward student debt relief for millions ... the Education Department withheld a $7.2 million payment from MOHELA as a penalty for failing to deliver 2.5 ...
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The lawsuit accusing the company of mismanaging eight million student borrowers' accounts and preventing borrowers' from making their payments and receiving debt relief. [22] Following the suit, Senate Majority Leader Chuck Schumer and Senators Bernie Sanders and Elizabeth Warren called for the DOE to scrutinize MOHELA's practices. [23]
But any payments that are made in addition to the 120th will be refunded to the borrower or applied to their other outstanding federal student loan debt, according to the Department of Education.
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.
Since 2022, MOHELA has been tasked with handling student loan payments from borrowers who are seeking debt cancellation from the Public Service Loan Forgiveness program, which wipes away remaining ...
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