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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]
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 ...
In 2022, Navient offered relief or restitution to select borrowers following a lawsuit by 39 state attorneys general. Eligible borrowers were notified by email in 2022 and received relief ...
As of July 2023, 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] ECSI (Educational Computer Systems, Inc.) is the exclusive servicer for the remaining Perkins Loans.
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
"The big changes were PHEAA, which serviced more than 9 million borrowers and Navient, which serviced 6-7 million borrowers," Mark Kantrowitz, author and student loan expert, told Yahoo Finance.
MOHELA, one of six federal student loan servicers, is facing a lawsuit over claims of mismanaging federal loan accounts. On July 22, the American Federation of Teachers (AFT) ...
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. It might’ve been at ...