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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 ...
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 ...
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 ...
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 ...
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 ...
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.
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.
Some student loan borrowers were put into administrative forbearance until their correct payment amount is calculated. 305,000 student loan borrowers incorrectly billed as payments resume Skip to ...