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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 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.
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.
Under the program, eligible public servants, including social workers and teachers, are able to have their debt cancelled after 10 years of service and 120 loan payments made on-time. [13] Student loan borrowers eligible for PSLF relief have filed suit against MOHELA, accusing the servicer of delaying the cancellation of their debt and forcing ...
Most of the celebration is going on in the Public Service Loan Forgiveness Facebook group, formed in 2018 to build a support community of federal student loan borrowers.
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 ...
"It increases our expenses to go overseas," says Justin Berg of American Profit Recovery, a debt collection agency in Massachusetts. "Our revenues are cut by more than half," he says. Nations may enter into agreements with the US to facilitate the collection of student loans. [105] After default, co-signers remain liable for repayment. [106] [107]
According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15] The government combats this large outstanding balance with student loan forgiveness which come in several forms, the two most popular being Public Service Loan Forgiveness and Teacher Loan Forgiveness ...