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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.
It was the first servicer to receive a punishment from the department last year — on October 30, 2023, the department announced it would be withholding $7.2 million in pay from Mohela over its ...
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.
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]
FedLoan has also received public pressure for possible mistreatment of loan recipients. [ 90 ] As of July 2023 [update] , 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 ]
It also states MOHELA has not properly tracked public servants’ progress toward student loan forgiveness. Many of AFT’s members are seeking forgiveness under PSLF.
Veterans are entitled to receive educational assistance for a period of time that is linked to their entitlement, as measured by Section 3311 above. In general, veterans may not receive assistance for more than a total of 36 months, which equals 4 academic years. Section 3313: Educational assistance - Payment and amount. In general, veterans ...
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