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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 ...
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
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 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]
Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3] Student loan debt has proliferated since 2006, totaling $1.73 trillion by July 2021. In 2019, students who borrowed to complete a bachelor's degree had ...
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific ...
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 ...
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