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It also alleges that MOHELA failed to adequately staff and train its call centers and that many borrowers are “deflected” away from these centers toward inadequate self-service resources.
A Mohela spokesperson told BI that the servicer "is surprised by FSA's sudden change in direction and communication" after the Education Department recently gave it new borrower accounts.
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.
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.
Student loan forgiveness for public-sector workers like teachers and nurses will be temporarily paused beginning May 1 as the Department of Education moves management of the program in-house.
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]
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
Student loan administrative forbearance has been extended until Jan. 1, 2023. This is the seventh reprieve for federal student loan borrowers. This was originally published on The Penny Hoarder ...