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☆ A major student-loan company is 'impeding' borrowers' debt cancellation and 'mishandling' their monthly bills, Elizabeth Warren says. She wants its CEO to face Congress.
▼ + stars: | 2024-03-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewMassachusetts Sen. Elizabeth Warren has questions for the head of a major student-loan company — and she wants him to answer them in Congress next month. On Monday, Warren sent a letter to Scott Giles, the CEO of federal student-loan servicer MOHELA, inviting him to testify before the Senate banking committee on April 10. MOHELA was the first federal servicer to be punished by the Education Department for failing to fulfill its contractual obligations. "Your testimony will provide you with an opportunity to offer context on MOHELA's role as a student loan servicer at a time of significant transition for the federal student loan program," she added. Warren, along with other Democratic lawmakers, has previously scrutinized MOHELA's handling of student-loan borrowers' accounts.

Persons: —, Massachusetts Sen, Elizabeth Warren, Warren, Scott Giles, servicer MOHELA, MOHELA, servicer, Chuck Schumer, Sen, Bernie Sanders, PSLF, I'm Organizations: Service, Public, Business, Education Department, Democratic, Consumer Financial Protection Bureau Locations: Massachusetts, Nelnet

☆ Some student-loan borrowers are surprised to find their accounts are suddenly in forbearance. Here's why that might be happening.
▼ + stars: | 2023-11-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some student-loan borrowers are logging into their accounts and seeing it in forbearance. AdvertisementAdvertisementIf you recently logged into your student-loan account and were surprised to see it placed in forbearance, you're not alone. Over the past few days, student-loan borrowers primarily serviced by MOHELA have logged into their accounts to see their loans were no longer in active repayment. Still, the borrower's account continues to show a payment due with interest accruing, according to documents reviewed by Insider. AdvertisementAdvertisementWas your student-loan account placed on administrative forbearance without any notice?

Persons: servicer, —, MOHELA, servicers, forbearance, Scott Buchanan, Elizabeth Warren, Ed Markey, Chris Van Hollen, Richard Blumenthal, Scott Giles Organizations: Department, Service, Public, Student Loan, — Locations: forbearance, MOHELA, Sens

☆ A major student-loan company is giving millions of borrowers 'inadequate' information as it works to solve billing inaccuracies, 4 Democratic lawmakers say
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department withheld pay from student-loan company MOHELA over repayment errors. AdvertisementAdvertisementSeveral Democratic lawmakers aren't happy with the way a major student-loan company is resolving account errors for millions of borrowers. @MOHELA has failed to provide borrowers with accurate, timely information about their loans, forcing millions into forbearance. The Education Department said it will continue oversight over servicers to crack down on mistakes that are putting borrowers at risk. Are you experiencing challenges with student-loan repayment?

Persons: MOHELA, —, aren't, Elizabeth Warren, Ed Markey, Chris Van Hollen, Richard Blumenthal, Scott Giles, forbearance, @MOHELA, yKdYeyTfV3 — Ed Markey, Giles, MOHELA's, Miguel Cardona Organizations: Department, Service, Democratic, Education Department, MOHELA, Federal Locations: Sens

☆ 260,000 student-loan borrowers who were approved for debt relief might be pushed back into repayment anyway, a legacy advocacy group says
▼ + stars: | 2023-09-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan borrowers who were part of a 2022 settlement are still waiting for their relief to be processed. A legal advocacy group said a student-loan company is not carrying out the settlement terms correctly. It said some borrowers within the settlement were told they have to resume payments in October. The group said that forcing borrowers with pending borrower defense claims back into repayment "violates the court-approved Settlement Agreement and applicable regulations." The federal pause on student-loan payment ended on September 1 when interest began accruing again on borrowers' balances.

Persons: They're, Cardona —, Donald Trump's, Joe Biden's, it's, MOHELA, Scott Giles, servicers, Cardona, Virginia Foxx, Sen, Bill Cassidy —, —, New Jersey Sen, Bob Menendez, Secretary Miguel Cardona Organizations: Service, Education Department, Donald Trump's Education Department, Department, Consumer Financial, Bureau, Democratic, New, Secretary, Public, The Education Department Locations: Wall, Silicon, New York, Sweet v, New Jersey

☆ Student-loan borrowers eligible for debt cancellation might be 'forced back into repayment' anyway because of their servicer's poor customer service, 6 Democratic senators say
▼ + stars: | 2023-09-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Six Democratic lawmakers requested the Education Department look into student-loan company MOHELA. They said they're concerned with paperwork delays that could force borrowers who qualify for PSLF relief back into repayment. Federal student-loan payments are resuming on October 1. "With the restart of repayments, these issues are likely to worsen for borrowers," the lawmakers said in the letter. "Borrowers who are eligible to have their debt cancelled under the PSLF program should not be forced back into repayment due solely to MOHELA's processing delays, which cause difficult financial situations for so many borrowers.

Persons: MOHELA, New Jersey Sen, Bob Menendez, Sen, Elizabeth Warren, Secretary Miguel Cardona, they've, Angus King, Alex Padilla, Ed Markey, Cory Booker, Cardona, Katie Porter, Joe Courtney, Scott Giles, that's, Scott Buchanan, servicers — Organizations: Democratic, Education Department, Federal, Service, Secretary, Public, MOHELA, Department, Student Loan, — Locations: Wall, Silicon, New Jersey, PSLF, Sens

☆ A student-loan company's 'history of mismanagement' is putting millions of borrowers in public service at risk with payments about to resume, 2 Democratic lawmakers say
▼ + stars: | 2023-08-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Reps. Katie Porter and Joe Courtney sent a letter to student-loan company MOHELA on Tuesday. They asked how the company is using its resources to manage the Public Service Loan Forgiveness portfolio. Borrowers have reported difficulty getting help from MOHELA during the payment pause. On Tuesday, Reps. Katie Porter and Joe Courtney sent a letter to Scott Giles, the CEO of student-loan company MOHELA, which manages the Public Service Loan Forgiveness portfolio. Nelnet, another student-loan company, announced in March that it was cutting its call center hours and laying off 550 employees likely due to budget constraints.

Persons: Katie Porter, Joe Courtney, MOHELA, haven't, Scott Giles, Joe Biden's, Porter, Courtney, Giles, Nelnet, — Organizations: Public, Service, Democratic, MOHELA, Joe Biden's Education Department, Department, —, Education Department Locations: MOHELA, Wall, Silicon, PSLF

☆ A student-loan company at the center of a lawsuit blocking Biden's debt cancellation with a 'dubious record of customer service' just got a new contract to keep servicing millions of borrowers, Cori B
▼ + stars: | 2023-05-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department awarded five student-loan companies new contracts, including MOHELA. "No company should be profiting from the student debt crisis, especially MOHELA with their dubious record of customer service in the past," she continued. "My office will continue our work to hold student loan servicers accountable for their harm to our communities. Ultimately, there is still much work to be done to provide student debt relief, bolster college affordability, and begin the transition to a world without student debt at all." As Bush referenced, MOHELA is responsible for the whole PSLF portfolio, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.

☆ It is 'unconscionable' that a major student-loan company would be involved in lawsuits that would 'rob millions' of borrowers of Biden's debt cancellation, a Democratic lawmaker says. She wants answer
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Rep. Cori Bush requested information from student-loan company MOHELA on its involvement in a lawsuit. Six GOP-led states recently argued Biden's debt relief would hurt the business operations of MOHELA. "It is unconscionable that your company—as one of the largest student loan companies in the world—would be involved in overtly political efforts to rob millions of their right to student loan debt relief," Bush wrote. "To date, your company has remained silent about the legal efforts filed on your behalf to halt President Biden's student debt cancellation program. Does MOHELA support efforts to block debt relief in an effort to preserve its own profits?

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