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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.
In October, the Education Department withheld a $7.2 million payment from MOHELA as a penalty for failing to deliver 2.5 million billing notices on time. The billing delays resulted in 800,000 ...
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 ...
MOHELA has faced two recent lawsuits accusing it of mismanaging borrowers' accounts. It might be time for the Education Department to consider firing a major student-loan company, a group of ...
Following the program's abolition in 2010, MOHELA began to expand its presence in the student loan servicing industry. In 2011, it was granted a contract with the Department of Education (DOE) to service over 100,000 federal student loans in 2011.
The Higher Education Loan Authority of the State of Missouri (MOHELA), a federal loan servicer, failed to send timely billing statements to 2.5 million borrowers, officials said in an Oct. 30 news ...
FedLoan Servicing, one of the nation’s largest federal student loan servicers, ended its contract with the Department of Education in 2021. As a result, millions of student loan borrowers were ...
About 2.5 million borrowers did not get a timely statement from the loan servicer ahead of the resumption of federal student loan payments this month.