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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]
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
The Education Department requested that Mohela provide a "corrective action plan" within 10 business days, Cardona said, along with weekly meetings with Federal Student Aid to review the servicer ...
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. ... The Department of Education announced that MOHELA would be the new servicer for participants in those ...
However, FedLoan stopped servicing federal student loans after December 2022 and the Department of Education then transferred the loans it was servicing to Nelnet, Edfinancial, Aidvantage or 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.
Student loan deferment is an agreement between the student and lender that the student may reduce or postpone repayment of a student loan for a designated period. [1] Deferment or forbearance [ 2 ] will prevent the loan from going into default , but may increase the overall cost of the loan. [ 3 ]
MOHELA, a quasi-governmental organization in Missouri that holds a federal contract to service student loans, has been under fire for months. Teachers union sues MOHELA in federal court, says it ...