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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 ...
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and Nelnet.
The Department of Education's announcement comes a week after a department spokesperson said 305,000 federal student loan borrowers received an incorrect bill for October 2023 from MOHELA.
As part of the U.S. federal government's response to the COVID-19 pandemic, the Federal Student Aid (FSA) office initiated a temporary pause on student loan payments alongside a 0% interest rate. [2] 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 ...
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. Student loan servicer MOHELA penalized for ...
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [40] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
It stated its customer service strategies conformed to guidelines from the Education Department’s Office of Federal Student Aid. ... a $7.2 million payment from MOHELA as a penalty for failing ...
[1] It is the largest single source of federal financial aid for students and their parents pursuing post-secondary education and for many it is the first financial obligation they incur, leaving them with debt to be paid over a period of time that can be a decade or more as the average student takes 19.4 years.