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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.
The Department of Education said MOHELA inadvertently used the 2022, instead of 2023, poverty guidelines tables to calculate payments when transitioning borrowers from the REPAYE to the SAVE Plan.
The plaintiffs claimed that after becoming candidates for the program in August 2022, MOHELA did not respond to their requests, leading them to submit the request a year later. According to the plaintiffs, MOHELA nonetheless requested that the borrowers resume payments to their PSLF-eligible loans. [6]
Key takeaways. FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and ...
While MOHELA has not yet issued a press release in response to this lawsuit, it denied similar claims in an April cease and desist letter to the SBPC. It stated its customer service strategies ...
Many borrowers are reporting their college debts have been forgiven and are breathing a sigh of relief. From Yvette Walker:
The loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal. Some loan terms may be shorter than 10 years. The minimum monthly payment varies in amount, but is usually within the range of $50-100.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...