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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. [13]
For example, Federal Student Aid announced in April that over 1 million student-loan borrowers were being transferred from Mohela to new servicers upon Mohela request to allow borrowers to receive ...
The Education Department says Mohela has failed to process borrower applications for key repayment plans. The department isn't assigning new accounts to the student-loan company until it corrects ...
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."
The U.S. Department of Education contracts with companies to manage, or service, the loans it owns. These companies are the primary point of contact for borrowers after they graduate and enter repayment. A student loan servicer is a company which facilitates different aspects of a loan.
Key takeaways. FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and ...
TruStage Financial Group is the marketing name for CMFG Life Insurance Company, its subsidiaries, and affiliates. TruStage Financial Group was founded in 1935 as the CUNA Mutual Insurance Society. Its purpose was to offer financial protection to Americans during the credit union movement. [ 8 ]
To make sure you receive these updates, update your contact information with your federal student loan servicer and with studentaid.gov. Keep a sharp eye out for new emails or communication from ...