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MOHELA, a quasi-governmental organization in Missouri that holds a federal contract to service student loans, has been under fire for months. Teachers union sues MOHELA in federal court, says it ...
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.
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 ...
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 ...
MOHELA became the sole servicer for the Public Service Loan Forgiveness (PSLF) program in July 2022, following the decision of FedLoan to break its ties with the Department of Education. [ 6 ] By August 2022, MOHELA was responsible for overseeing some 6.7 million student borrower accounts on the DOE's behalf, along with around 330,000 private ...
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 ...
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 ...
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 ...