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MOHELA faces lawsuit for alleged misleading lending practices MOHELA, one of six federal student loan servicers, is facing a lawsuit over claims of mismanaging federal loan accounts.
In response, the department announced it is withholding a $7.2 million payment to student loan servicer MOHELA for not providing student loan bills on time. The Education Department said 2.5 ...
Website. www.mohela.com. The Higher Education Loan Authority of the State of Missouri, also known as the Missouri Higher Education Loan Authority or MOHELA is one of the largest holders and servicers of student loans in the United States. Its headquarters are in St. Louis, Missouri. Created in 1981 as a quasi-governmental entity, MOHELA ...
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 ...
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
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 William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]
With MOHELA being an instrumentality of Missouri, the states are saying that harm to MOHELA would harm Missouri's finances, as well. MOHELA denied involvement in the first lawsuit last summer, and ...