J. David Ake | Getty ImagesIf your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education said it will soon transfer some student loan borrowers to different servicers.
Change impacts Mohela borrowersThe Education Department began transferring a portion of Mohela's borrowers this week to different companies, it said in an April 29 blog post.
"A different servicer will begin managing these loans and assisting these borrowers," the department said.
The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial.
Why the transfer is happeningWhat borrowers should do amid transitionBorrowers who are being transferred to a different servicer should receive alerts from Mohela and their new servicer, the Education Dept.
Persons:
David Ake, servicer, Mark Kantrowitz
Organizations:
US Department of Education, Missouri Higher Education Loan Authority, U.S . Department of Education, Education Department, The Education
Locations:
Washington ,, Missouri, Mohela