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The Education Department notified the student-loan company Mohela on Tuesday that it would be facing penalties for failing to perform the servicing obligations required in its contract.
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 ...
The union cites alleged mismanagement causing harm to borrowers, especially around Public Service Loan Forgiveness, ... MOHELA, one of six federal student loan servicers, is facing a lawsuit over ...
MOHELA was founded by Missouri lawmakers in 1981 to oversee loans guaranteed by the U.S. federal government through the Federal Family Education Loan Program.Following the program's abolition in 2010, MOHELA began to expand its presence in the student loan servicing industry.
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 ...
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 of July 2023, the four companies which service the majority of student loans are Aidvantage, EdFinancial Services, MOHELA (Higher Education Loan Authority of the State of Missouri) and Nelnet. [40] ECSI (Educational Computer Systems, Inc.) is the exclusive servicer for the remaining Perkins Loans.
For example, Federal Student Aid announced in April that over 1 million student-loan borrowers were being transferred from Mohela to new servicers upon Mohela request to allow borrowers to receive ...