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In October, the Education Department withheld a $7.2 million payment from MOHELA as a penalty for failing to deliver 2.5 million billing notices on time. The billing delays resulted in 800,000 ...
The current loan service providers for the Federal Student Aid (FSA) program are: Great Lakes Educational Loan Services, Edfinancial, MOHELA, Aidvantage, Nelnet, OSLA Servicing, ECSI, and the ...
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
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 loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal. Some loan terms may be shorter than 10 years. The minimum monthly payment varies in amount, but is usually within the range of $50-100.
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 following is a timeline of the second presidency of Donald Trump during the first quarter of 2025, beginning from his inauguration as the 47th president of the United States on January 20, 2025, to March 31, 2025.
About 2.5 million borrowers did not get a timely statement from the loan servicer ahead of the resumption of federal student loan payments this month.