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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]
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 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.
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
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 ...
Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail. ... After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage ...
Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail. Sign in. ... The Department of Education said MOHELA inadvertently used the 2022, instead of ...
A Stafford Loan was a student loan offered from the United States Department of Education to eligible students enrolled in accredited American institutions of higher education to help finance their education.