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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.
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.
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 ...
In October 2023, the Department of Education announced that it would withhold $7.2 million in payment to the Missouri Higher Education Loan Authority (MOHELA) for failing to send billing statements on a timely basis to 2.5 million borrowers that caused 800,000 borrowers to fall into delinquency and the Department directed MOHELA to place all ...
It also alleges that MOHELA failed to adequately staff and train its call centers and that many borrowers are “deflected” away from these centers toward inadequate self-service resources.
In retail banking, the debt rescheduling can be applied for personal loans given to individuals as education loan, consumer credit, mortgage loan and loans given for making investment in financial assets such as equity shares, debenture, and bond (finance). [2]
Servicer Mohela plays a key role. 8 million student-loan borrowers who remain blocked from cheaper payments and debt cancellation are getting a step closer to a final decision on Biden's new ...