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In June 2020, the DOE announced that MOHELA was one of five servicers that would help oversee the federal student loan portfolio in order to bring “enhanced customer support”. [3] [4] In 2021, it was reported that some FedLoan (Pennsylvania Higher Education Assistance Agency) student servicing loans were transferred to MOHELA. [5]
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. ... they can contact the Federal Student Aid Information Center at 800-433-3243 or check their credit reports ...
Additionally, a group of student-loan borrowers in California filed a lawsuit on September 5 that accused MOHELA of failing to deliver debt discharges to borrowers who have faced school misconduct ...
Student loan interest starts cranking up again Sept. 1. Payments start again in October. ... I called Mohela to check on my own account and asked why debts seem to be updated and forgiven faster ...
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 ...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
It also has a loan servicing operation for student loans that it owns and for lenders under contract. Originally a small student loan guarantor with approximately 5,000 student loans a year after its formation, it at one point managed more than $100 billion in total assets and serves nearly four million students through its various programs.
To make sure you receive these updates, update your contact information with your federal student loan servicer and with studentaid.gov. Keep a sharp eye out for new emails or communication from ...