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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. [13]
Since student-loan payments resumed last October after a more than three-year pause, Mohela has been under scrutiny from the Education Department, lawmakers, and advocates over its handling of ...
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 ...
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 ...
Any person employed full-time by a 501(c)(3) non-profit group, or another qualifying public service organization, or serving in a full-time AmeriCorps or Peace Corps position, [70] qualifies for discharge after 120 qualifying payments. [71] [72] However, loan discharge is considered taxable income. [73] Loans discharged that were not the result ...
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.
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
In response, the department announced it is withholding a $7.2 million payment to student loan servicer MOHELA for not providing student loan bills on time. The Education Department said 2.5 ...