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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 Education Department requested that Mohela provide a "corrective action plan" within 10 business days, Cardona said, along with weekly meetings with Federal Student Aid to review the servicer ...
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]
The SAVE plan is a relatively new income-driven repayment plan to help graduates manage their student loans. For most borrowers, it offers the most generous terms of any income-driven repayment plan.
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.
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More borrowers in the SAVE plan are eligible for $0 payments. This plan won't require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a ...