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SAVE plan paused during litigation and MOHELA faces lawsuit for mismanagement claims. 25 million borrowers to be notified of potential student loan forgiveness, and other student loans news Skip ...
A Missouri judge blocked student-loan forgiveness under the SAVE plan and will soon hear oral arguments on the case. Servicer Mohela plays a key role.
The move followed a federal appeals court decision earlier in the week that continued a pause on former President Biden’s SAVE program, an income-driven plan that would have forgiven debts after ...
A Mohela spokesperson told BI that the servicer "is surprised by FSA's sudden change in direction and communication" after the Education Department recently gave it new borrower accounts.
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 loan borrowers. [1] This increased to over 7.5 million borrowers by August 2023. [7] As of December 2022, MOHELA has a 1.01 star rating from the Better Business Bureau. [8]
Under the SAVE plan, their payments are now $530 a month. “We don’t want our loans dictating our life choices, and us not being able to do other things because we’re paying so much money.
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
The Department of Education said MOHELA inadvertently used the 2022, instead of 2023, poverty guidelines tables to calculate payments when transitioning borrowers from the REPAYE to the SAVE Plan.