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Education Department penalizes Missouri lender for error that made 800,000 student loan borrowers delinquent

The U.S. Department of Education will penalize student loan servicer Mohela, or the Missouri Higher Education Loan Authority, for its failure to send timely billing statements to 2.5 million borrowers.

As a result of Mohela’s errors, more than 800,000 borrowers were delinquent on their loans, the Education Department said in a statement Monday.

The department is withholding $7.2 million in payment to Mohela for October and has directed the servicer to place all affected borrowers in forbearance until the issue is fully resolved, it said.

anticommon ,

I got my October bill due on the ninth. It’s dated the 14th.

Now they want $2600 for two payments at once and it’s like an extra $400 in interest. Funny how that works.

There is also a rebate clause in the paperwork where if you don’t miss a payment by more than 6 days the first twelve months you get a rebate.

Hmmmmmmmmm

EvacuateSoul ,

Lol and this is the company Missouri sued for to block the debt relief.

SoylentBlake ,

Missouri’s fascist Attorney General sued the government on their behalf, NOT at their behest.

They spent their time, and taxpayer money, to sue for a company not asking for it just to fuck over college students/alumni

EvacuateSoul ,

I know, they even said they had no problem with it. I just had to point out the connection lol.

TurnItOff_OnAgain ,

Oh shit. My loan was just transferred to them.

buddhabound ,

Sorry. I was with them years ago, and they were trash. Got sent back last year, and they’re still trash. They calculated my wife’s monthly payment to be almost 3x the normal rate, so I spent 3 days trying to call them to get it resolved. In the end, it’s now stuck in this administrative forbearance until who knows when, and we don’t know if it will count towards her final 4 months of PSLF payments.

TurnItOff_OnAgain ,

I sent them a message in their online portal at the beginning of September and have yet to receive a response. Looking at my loan payments it seems like the interest is being calculated at 30%. Is that correct? Seems high, but I’m not sure. If that is true I would be better off getting a personal loan at a lower rate and paying that off.

Edit: I just looked. It should be closer to 3-4%. I think I’m going to have to call them. I’ll do some math first to make sure since it’s 4 different disbursements so maybe they are correct? IDK.

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