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The Education Department requested that Mohela provide a "corrective action plan" within 10 business days, Cardona said, along with weekly meetings with Federal Student Aid to review the servicer ...
The Department of Education is penalizing one of its student loan servicers for failing to send billing statements on time to 2.5 million borrowers. Student loan servicer MOHELA penalized for ...
Additionally, a group of student-loan borrowers in California filed a lawsuit on September 5 that accused MOHELA of failing to deliver debt discharges to borrowers who have faced school misconduct ...
The Washington Post noted that student borrower complaints against MOHELA spiked from 2021 to 2022: The Consumer Financial Protection Bureau (CFPB) went from receiving seven official complaints regarding MOHELA in the last quarter of 2021, to receiving over 500 complaints in the last three months of 2022 over MOHELA's loan servicing practices.
The Missouri Higher Education Loan Authority (MOHELA), one of the companies the federal government contracts with the service loans, based initial payments off poverty guidelines from the wrong ...
Key takeaways. CornerStone was previously one of eight approved federal student loan servicing agencies that provided loans nationwide. Although Cornerstone was contracted to service loans through ...
Ask your employer about SECURE 2.0. If your company has a matching retirement plan, ask about this new provision in SECURE 2.0 that counts student loan payments toward your 401(k).It's effective ...
Around 44% of federal student loan borrowers who begin repayment in October have a new loan service provider, according to the Consumer Financial Protection Bureau, after three loan service ...