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In June 2020, the DOE announced that MOHELA was one of five servicers that would help oversee the federal student loan portfolio in order to bring “enhanced customer support”. [3] [4] In 2021, it was reported that some FedLoan (Pennsylvania Higher Education Assistance Agency) student servicing loans were transferred to MOHELA. [5]
The Education Department says Mohela has failed to process borrower applications for key repayment plans. The department isn't assigning new accounts to the student-loan company until it corrects ...
With student loan forgiveness still uncertain, borrowers can expect more changes -- and perhaps some potholes -- on the road to paying down student loan debt. As part of the Biden administration's...
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and Nelnet.
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. Student loan servicer MOHELA penalized for ...
In October 2017, Great Lakes Higher Education Corporation reached an agreement to sell off 100% of the stock of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet. [8] The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together. [ 9 ]
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [40] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
Additionally, a group of student-loan borrowers in California filed a lawsuit on September 5 that accused MOHELA of failing to deliver debt discharges to borrowers who have faced school misconduct ...