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Since student-loan payments resumed last October after a more than three-year pause, Mohela has been under scrutiny from the Education Department, lawmakers, and advocates over its handling of ...
The Department of Education announced that MOHELA would be the new servicer for participants in those programs. If you previously used autopay with FedLoan, the information will automatically ...
Following the resumption of student loan payments in October 2023, MOHELA was fined by the DOE for failing to send billing statements to student loan borrowers on time. [9] In 2023, The Guardian reported that MOHELA "stands out among servicers for late bills and incorrect auto-debits." [7]
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.
Standard repayment borrowers have 10 years to repay. The loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal. Some loan terms may be shorter than 10 years.
If your card number has changed, you must add a new card. 1. Sign in to your My Account page. 2. Click My Wallet. 3. Click Payment Methods. 4. Click Add Credit or Debit Card. 5. Enter the new info. 6. Click Submit.
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."
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