MOHELA, which is otherwise known as the Higher Education Loan Authority of the State of Missouri, is a nonprofit student loan servicer that handles federal and private student loans. Compared to most other loan servicers, MOHELA has fewer complaints and better ratings with an A+ on the Better Business Bureau (BBB).
Still, like most servicers, MOHELA receives various complaints with some borrowers allegedly receiving incorrect information about their loans or having their loans handled improperly.
Learn more about MOHELA, the issues that borrowers have with the company, and how to change loan servicers below.
MOHELA Student Loan Review
MOHELA is a nonprofit student loan servicer used by both the federal government and private student lenders. It was created to service Federal Family Education Loan (FFEL) Program loans and to help ease the burden of student loans for borrowers.
The company now deals with other loan types and services the loans by managing payments, helping you find the best repayment plan, and handling your loans if you need to put them into deferment or declare forbearance.
MOHELA is definitely not the worst servicer to have to manage your loans as it has received few complaints from borrowers to the Consumer Financial Protection Bureau (CFPB) and an A+ rating from the Better Business Bureau (BBB).
However, you should still always monitor your student loan balance and payments to make sure that your loans are handled properly.
MOHELA still receives complaints about problems with how loans are handled and being told incorrect information from representatives.
If you’re having problems with MOHELA as your servicer, contact them immediately, and if you don’t get an adequate response, file a complaint through the Federal Student Aid Feedback System, CFPB, or BBB.
Perhaps you want to change student loan servicers, your best bet would be to refinance your loans.
If you have federal loans, you can also try consolidating and your servicer may change or if you qualify for Public Service Loan Forgiveness (PSLF), your loans will be transferred over to FedLoan.
Repayment With MOHELA Student Loans
If you’re just beginning to make payments with MOHELA, you should start by creating an account on their user-login portal. You’ll need to provide your Social Security number, date of birth, and other personal details to sign up.
After your account is set up, you can then use your account to make payments online or on MOHELA’s app. And if you want to make sure you don’t miss any payments, you can sign up for automatic payments.
However, you must make sure to still monitor your balance and payments. If you would rather not pay online, you can also call MOHELA’s customer service center or send a check in the mail.
If you have federal student loans with MOHELA, you can choose between standard, extended, graduated, and income-driven repayment plans, depending on your loan type.
You will be automatically enrolled in standard repayment but you should explore the other options available to you as another may fit better with your finances.
For borrowers with private student loans, your repayment options will depend on your lender. You should also explore the options available to you but they may be a bit limited compared to the federal plans.
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MOHELA Customer Service and How to Submit a Complaint
If you need to file a complaint about MOHELA, here are some of the top websites to report an issue or problem you have with the company.
FSA Feedback System: The federal student aid feedback system allows borrowers to send any feedback about their loans, including complaints, and positive feedback, and to report suspicious activity.
To file a complaint, you must describe the issue you are having with your loans and how you would like it to be resolved. The Federal Student Aid office will respond to your report as soon as it can.
Consumer Financial Protection Bureau (CFPB): The CFPB is another government website to send issues you are having with MOHELA but instead of just receiving complaints about student loans, it allows consumers to send complaints about any company.
To file a complaint, you will have to answer a few questions to categorize the issue you’re having and then describe the problem.
The CFPB will then send the complaint to the company for a resolution. According to the website, 97% of consumers receive a timely response to their problem.
Better Business Bureau (BBB): The Better Business Bureau is another company that works to resolve problems that consumers are having with companies.
To file a complaint with the BBB, you have to provide your name, address, and email and describe the problems you are having with the company.
The BBB will then send your report to the business and ask for a response within 14 days. If the company doesn’t respond, the BBB will send another request.
If you haven’t already, contact MOHELA before using any of these services. You can contact the servicer by phone, secured email, mail, or through their social media accounts.
The company also has an information center that provides additional resources with account management tools and explains different types of student loans.
- Phone number: (888) 866-4352
- Fax: (866) 222-7060
- Twitter: https://twitter.com/mohela
- Facebook: https://www.facebook.com/MOHELA.USA
- Contact Page: https://www.mohela.com/DL/common/contactUs.aspx
Additional Information on MOHELA Student Loans
MOHELA doesn’t have as many complaints on file with the CFPB and BBB compared to other student loan servicers.
However, there are still common complaints that come up on these sites filed by borrowers. Below we’ve listed three of the major complaints about MOHELA and how to avoid them.
MOHELA which happens to be one of several companies servicing federal student loans by compiling and tracking payments is also named the Higher Education Loan Authority of the State of Missouri.
Note that this outfit is a nonprofit loan servicer that manages both federal and private student loans.
However, If a complaint doesn’t work, you can contact the Federal Student Aid Ombudsman Group. This method should be used only as a last line of action, says the Federal Student Aid Office.
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