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MOHELA has been in the student loan business for more than 40 years. Missouri state legislators created it in 1981 to provide low-cost loans for students and a source of revenue for the state.
The Department of Education has the ability to rescind MOHELA’s contract as a federal student loan provider, but it recently renewed MOHELA’s contract for another five years. Show comments ...
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.
Following the program's abolition in 2010, MOHELA began to expand its presence in the student loan servicing industry. In 2011, it was granted a contract with the Department of Education (DOE) to service over 100,000 federal student loans in 2011. Operations during loan forbearance period (2020-2023)
The Department of Education reported that 2,215 borrowers had the remainder of their respective student loans forgiven under the program as of April 30, 2020 for a denial rate of 98.5%. The PSLF program has received criticism and has been the subject of litigation by loan-holders trying to discharge their student loans.
April 11, 2024 at 12:34 PM. The Missouri Higher Education Loan Authority (MOHELA) took a drubbing at a Senate hearing Wednesday after a report from Democrats accused the student loan servicer of ...
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