Mohela is not a student loan lender. As a student loan servicer, Mohela is compensated for collecting payments and responding to inquiries regarding repayment.
Borrowers may be perplexed by Mohela because it administers both federal and private student loans. For instance, information about loan forgiveness and income-driven repayment is prominently displayed on the Mohela website. Sadly, only borrowers with federal loans have access to these resources.
It is simple for borrowers to determine whether their Mohela loans are federal or private, which is good news. Resources are also offered to assist borrowers in repaying both loan types.
With over 40 years in the student loan servicing industry, we have the expertise to help manage your loans – answer any account questions, help you explore your benefits and repayment options and process your payments.
How do I know if my Mohela loans are federal?
All federal student loans are subject to detailed record-keeping by the Department of Education.
Borrowers can access these records at studentaid. gov. If your Mohela loans are listed, they are federal. If the loans do not appear, they are private.
Mohela can also clear up any ambiguity regarding loan status over the phone. The Mohela contact information is available here.
Getting to the Bottom of It: If your loans are older than ten years, you might have federal loans that are privately or commercially held. There may be few options for loan forgiveness and repayment for federal loans that are not held by the federal government, such as some FFELP loans.
Repayment Options and Forgiveness for Mohela Federal Loans
No matter who services your federal student loans, the terms and options are the same if you have them.
Mohela should assist borrowers in determining program eligibility and enrollment. However, borrowers should always research ahead of time. There is typically no recourse available to borrowers who make mistakes as a result of bad advice or inaccurate information provided by loan servicers.
For borrowers trying to decide what to do with their federal loans, the following guides may be useful:
Sherpa Tip: When you have questions about student loans, consider Mohela as a helpful resource rather than the ultimate authority. Loan servicers are frequently a great source of information. Many borrowers, however, might later regret not verifying the information they were given.
Options and Strategy for Mohela Private Loans
There is no standard set of guidelines for the private loans that Mohela services.
Instead, the terms and conditions of the private loan are detailed in the original student loan contract. Mohela’s duties include collecting payments and responding to inquiries about the loan.
Anyone having trouble making payments on a private loan should speak with Mohela about possible loan modifications or hardship assistance. Although lending assistance is rarely guaranteed, many lenders would rather receive some payments than none at all.
Refinancing private loans can help borrowers who want to pay less each month or pay less interest. Normally, only borrowers with respectable credit scores and steady income are eligible for this option, but a suitable cosigner may also be helpful.
Contacting Mohela Customer Service
Borrowers have several options for contacting Mohela.
By Phone:
888.866.4352 (Toll Free) 636.532.0600 (International)
By Mail:
MOHELA 633 Spirit Drive Chesterfield, MO 63005-1243
Finally, borrowers can receive assistance by sending a secure message through the Mohela website.
FAQ
Will MOHELA loans be forgiven?
You might be eligible for loan forgiveness if you have made 120 payments on your Direct Loans and work in certain public service positions. If some or all of your payments on a repayment plan that qualifies for PSLF were missed, you might be eligible for loan forgiveness through a limited window of opportunity.
How do I know if my MOHELA loan is federal?
The Department of Education keeps thorough records on all federal student loans, so I don’t know if my Mohela loans are federal or not. Borrowers can access these records at studentaid. gov. If your Mohela loans are listed, they are federal.
Did MOHELA take over federal loans?
Beginning in early July 2022 and continuing through September 2022, Federal Student Aid (FSA) started transitioning the Public Service Loan Forgiveness (PSLF) program, borrowers, and their loans from FedLoan Servicing to MOHELA in stages. We are hard at work transitioning PSLF to MOHELA. Thank you for your patience.
How do I know if my student loans are private or federal?
1. Your federal loan applications, billing statements, and promissory notes should all have the name of the applicable federal loan program at the top of the document. Federal loan programs include the William D.