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For example, Federal Student Aid announced in April that over 1 million student-loan borrowers were being transferred from Mohela to new servicers upon Mohela request to allow borrowers to receive ...
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.
A MOHELA spokesperson previously told Business Insider that "providing support to student loan borrowers is the utmost priority to MOHELA, and any claims to the contrary are false."
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. [1]
MOHELA became the sole servicer for the Public Service Loan Forgiveness (PSLF) program in July 2022, following the decision of FedLoan to break its ties with the Department of Education. [ 6 ] 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 ...
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
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.
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. Looking at Public Service Loan Forgiveness, there are 890,516 borrowers and 41,221 submitted applications, only 423 of these applications were ...