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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 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 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 ...
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]
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Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
Graduated payments are repayment terms involving gradual increases in the payments on a closed-end obligation. A graduated payment loan typically involves negative amortization, and is intended for students in the case of student loans, [1] and homebuyers in the case of real estate, [2] who currently have moderate incomes and anticipate their income will increase over the next 5–10 years.