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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.
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 ...
Key takeaways. FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and ...
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 ...
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
Parents are advised to consider their monthly payments. Loan documents reflect the repayment schedule for a single year. Since most students borrow again each year, the ultimate payments are much higher. PLUS loans consider credit history, making it more difficult for low-income parents to qualify.
A MOHELA spokesperson previously told Business Insider that "providing support to student loan borrowers is the utmost priority to MOHELA, and any claims to the contrary are false."
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 ...