Is Mohela a Good Loan Servicer: A Comprehensive Review

Mohela is a loan servicer that specializes in managing student loans, primarily those backed by the U.S. Department of Education. It has a reputation for being a reliable and efficient servicer.

Mohela has a large portfolio of loans, with over $14 billion in outstanding balances. This scale allows it to offer a range of services and support to its borrowers.

One key benefit of Mohela is its customer support. Borrowers can reach out to Mohela via phone, email, or online chat, and receive assistance with their loan accounts.

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If you're considering Mohela as a loan servicer, here are some benefits to keep in mind. Mohela provides a convenient online portal for students and borrowers to access and manage their loan information.

This online portal is a game-changer for those who want to stay on top of their loan payments. You can log in and view your account details, payment history, and even make payments online.

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Mohela also offers automatic payment options for borrowers, which can help you avoid late fees and penalties. This feature can be especially helpful if you're prone to forgetting payments.

In addition to automatic payments, Mohela offers a variety of repayment options. These include extended repayment, graduated repayment, and the ability to process deferment and forbearance requests.

Mohela's customer service options are also flexible, allowing you to contact them through phone, email, or online chat. This flexibility can be a big plus if you prefer to communicate in different ways.

Here are some of the key benefits of using Mohela as a loan servicer:

MOHELA is a federal loan servicer that manages various services for borrowers, including billing and payment processing. They send out billing statements and process payments from borrowers, offering options like automatic debit or online payment.

MOHELA can also help borrowers explore different repayment plan options, such as standard, extended, graduated, and income-driven repayment plans. This can be a huge help for those who are struggling to make ends meet.

MOHELA offers deferment and forbearance options, allowing borrowers to temporarily postpone or reduce their loan payments. This can provide some much-needed relief during difficult times.

MOHELA is responsible for communicating with borrowers about their loans and addressing any questions or concerns they may have. They're also the exclusive servicer for the Public Service Loan Forgiveness (PSLF) program, guiding borrowers through the program's requirements and application process.

Here's a breakdown of MOHELA's services and responsibilities:

MOHELA also services private student loans for some companies, like SoFi and Laurel Road, if you take out a loan with them or refinance your loans.

You can contact MOHELA directly for questions or concerns, and the company is available to help from 7 a.m. to 8 p.m. CT on Mondays, and 7 a.m. to 7 p.m. CT on Tuesdays through Wednesdays, and 7 a.m. to 5 p.m. CT on Fridays.

MOHELA can be reached via secure message on its contact page, or by phone at 888-866-4352, with international borrowers calling 636-532-0600. If you prefer to send correspondence, you can write to MOHELA at 633 Spirit Drive, Chesterfield, Missouri, 63005.

If you're unable to resolve an issue with MOHELA, you can reach out to the U.S. Department of Education to submit a complaint, or contact the Federal Student Aid Ombudsman Group for additional assistance.

To contact MOHELA, you can start by visiting its contact page to send a secure message. You can also reach out by phone at 888-866-4352, which is available for domestic borrowers.

MOHELA's customer service hours vary depending on the type of loan you have. For Direct Loan, PSLF, and FFEL loan borrowers, customer service is available from 7 a.m. to 8 p.m. CT on Mondays.

You can also contact MOHELA by phone if you're an international borrower, by calling 636-532-0600. However, this number is not specified to be available during specific hours.

If you'd like to send written correspondence, you can mail a letter to MOHELA at 633 Spirit Drive, Chesterfield, Missouri, 63005.

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Filing a dispute is a straightforward process. Contact MOHELA directly using one of the methods listed, and keep detailed notes about the conversation.

Make sure to document the date, time, and details of the discussion. This will come in handy if you need to reference the conversation later.

If you're unable to resolve the issue with MOHELA, you can reach out to the U.S. Department of Education to submit a complaint.

Making payments and seeking forgiveness through MOHELA is a relatively straightforward process. MOHELA offers a variety of payment methods, including automatic payments, online payments, and phone payments.

To create an online account with MOHELA, you'll need to provide your Social Security number, full legal name, and date of birth. This will allow you to manage your payments and access your account information.

MOHELA also offers a 0.25 percent interest rate deduction for borrowers who sign up for automatic payments. However, manual online payments will not be eligible for this discount.

MOHELA is primarily responsible for processing Public Service Loan Forgiveness (PSLF) and the Biden Waiver, but they may not handle all loan forgiveness opportunities. Borrowers should check their loan specifics to see if MOHELA is the correct servicer.

Here are some key benefits and drawbacks of working with MOHELA for payment and forgiveness:

To create an online account with MOHELA, you'll need to provide your Social Security number, full legal name, and date of birth. You can then choose a username and password, and provide your address, phone number, and email address.

MOHELA offers several payment methods, including automatic payments, which will be deducted from your bank account on roughly the same date every month. This can save you money with a 0.25 percent interest rate deduction.

You can also make manual online payments, or pay over the phone via a toll-free number. If your bank has a bill pay feature, you can have it send payments directly to MOHELA, but be sure to give yourself some leeway before the due date.

To ensure your payment is credited correctly, make sure to write your 10-digit account number on the check if you choose to mail one.

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MOHELA plays a crucial role in the forgiveness process for federal student loans. They oversee eligibility for the Department of Education's PSLF and TEACH grant programs.

MOHELA will process your application for PSLF and review your student loan account, employment history, and repayment records. If you've met the requirements, they'll update your account accordingly.

If you've received a TEACH grant, MOHELA will monitor your progress toward completing the required five-year service obligation. If you don't fulfill your teaching agreement, your loan will be converted to a direct subsidized loan serviced by MOHELA.

MOHELA is the primary loan servicer for processing Public Service Loan Forgiveness, TEPSLF, and the Biden Waiver. They'll handle the paperwork for these programs.

You may have other loan forgiveness opportunities available, but MOHELA may not be the loan servicer that handles it. In that case, your loan will be transferred to the appropriate servicer.

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Borrowers should be aware that lawsuits against a student loan servicer can be a red flag, and MOHELA is no exception.

While MOHELA is the focus of this article, it's worth noting that lawsuits involving a student loan servicer are not automatically a negative mark.

MOHELA is directly mentioned in the pending student loan forgiveness plan, which is still facing legal challenges.

Borrowers in California may be especially mindful of the case, as MOHELA is accused of denying more than $58 million in student debt and thereby violating the California Student Borrower Bill of Rights.

Borrowers have reported several common issues with MOHELA, including some of the most frustrating problems they've encountered.

One of the most common issues borrowers have with MOHELA is being unaware of the servicer's contact information and how to reach them for help.

Borrowers have also complained about MOHELA's long wait times and unresponsive customer service, making it difficult to get assistance when needed.

Some borrowers have reported issues with MOHELA's payment processing, including delays and errors.

Frustratingly, MOHELA's website and online portal can be confusing and difficult to navigate, making it hard for borrowers to access their accounts and make payments.

Borrowers have reported feeling overwhelmed and stressed due to MOHELA's complex and confusing communication methods.

Some borrowers have reported issues with MOHELA's collections practices, including aggressive and harassing behavior.

Transfers to and from MOHELA have caused issues for some borrowers. These issues include delinquent loan reports, lost payment histories, and changes to repayment schedules and payment obligations.

For some borrowers, their loans were reported as delinquent by Aspire when they had just been transferred to MOHELA. This can be frustrating and confusing, especially if the borrower had made payments on time.

Payment histories were also lost in the transfer from Aspire to MOHELA. Borrowers who requested their payment histories were delayed or evaded entirely by MOHELA's customer service.

Repayment schedules and payment obligations were changed for some borrowers after the transfer. For example, a loan that was set to be paid off in less than a month was suddenly scheduled to be paid off in two years.

MOHELA does acknowledge on their website that changes in repayment terms after a transfer are possible. However, poor communication and confusing rules seemed to throw many borrowers for a loop.

MOHELA has started servicing some loans on behalf of SoFi, one of the most popular student loan refinancing companies.

Sofi loans are private loans, which means the rules governing them are different from Federal student loans.

You need to be vigilant when dealing with private loans, as the rules can be more complex.

Hours of operation for MOHELA, which services SoFi loans, are 7-9 Mon-Thu and 7-5 on Fri (CST).

Lawsuits Against MOHELA is a notable example of a student loan servicer facing legal challenges. MOHELA is directly mentioned in the pending student loan forgiveness plan, which is still facing legal challenges.

Borrowers in California should be aware of the case, as MOHELA is accused of denying more than $58 million in student debt. This is a significant amount of money that could have been used to help borrowers pay off their loans.

MOHELA's actions are also accused of violating the California Student Borrower Bill of Rights.

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To identify and find your federal loan servicer, you can log into your account on the Federal Student Aid website. This will give you a list of all your federal student loans, with the name of the servicer listed next to each one.

You can also contact the Department of Education directly to find out who your servicer is. You can do this by calling the Federal Student Aid Information Center at 1-800-433-3243 or by sending an email through the form at https://studentaid.gov/help-center/contact.

To find your servicer using the Federal Student Aid website, follow these steps:

MOHELA is a student loan servicing company that's one of the largest nationwide. They manage a huge amount of loans held by borrowers across the country.

MOHELA has been contracted by the government to service Department of Education loans, including Direct Loans and Perkins Loans programs. They also service private loans.

In 2015, MOHELA took over servicing Direct Loans that were previously handled by Aspire Resources, an Iowa-based organization. This was a significant transfer of responsibility.

MOHELA has a relatively low number of publicly posted complaints compared to their size, despite managing a huge amount of loans.

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To find your federal loan servicer, log into your account on the Federal Student Aid website or contact the Department of Education directly. You can find your servicer by following these steps: go to the Federal Student Aid website, navigate to the "Log In" button, and click on it. Once you're logged in, click on the "Loans" tab in the top menu.

Your servicer's name will be listed next to each loan on the "Loans" page. Alternatively, you can contact the Department of Education directly to find out who your servicer is. You can do this by calling the Federal Student Aid Information Center at 1-800-433-3243 or by sending an email to the Federal Student Aid Information Center through the form at https://studentaid.gov/help-center/contact.

If you have private student loans, you can find the names of your loan servicers by checking your credit reports or billing statements. If you're currently paying off student loans through the Public Service Loan Forgiveness (PSLF) program, MOHELA is now your loan servicer.

Here's a list of federal student loan servicers:

MOHELA is one of the largest student loan servicing companies nationwide and manages a huge amount of loans held by borrowers nationwide.