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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 plaintiffs claimed that after becoming candidates for the program in August 2022, MOHELA did not respond to their requests, leading them to submit the request a year later. According to the plaintiffs, MOHELA nonetheless requested that the borrowers resume payments to their PSLF-eligible loans. [6]
The Department of Education said MOHELA inadvertently used the 2022, instead of 2023, poverty guidelines tables to calculate payments when transitioning borrowers from the REPAYE to the SAVE Plan.
In October, the Education Department withheld a $7.2 million payment from MOHELA as a penalty for failing to deliver 2.5 million billing notices on time. The billing delays resulted in 800,000 ...
Student loan interest starts cranking up again Sept. 1. Payments start again in October. Borrowers, are you ready? No matter your political beliefs, I bet a lot of you were on the edge of your ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...
Sample letter of explanation While the exact content of your letter depends on your circumstances, you can use this sample letter of explanation to a mortgage lender as a template: Date