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Education Department penalizes Missouri lender for error that made 800,000 student loan borrowers delinquent (www.cnbc.com)

submitted 1 year ago by [email protected] to c/[email protected]

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The U.S. Department of Education will penalize student loan servicer Mohela, or the Missouri Higher Education Loan Authority, for its failure to send timely billing statements to 2.5 million borrowers.

As a result of Mohela’s errors, more than 800,000 borrowers were delinquent on their loans, the Education Department said in a statement Monday.

The department is withholding $7.2 million in payment to Mohela for October and has directed the servicer to place all affected borrowers in forbearance until the issue is fully resolved, it said.

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[–] anticommon 7 points 1 year ago

I got my October bill due on the ninth. It's dated the 14th.

Now they want $2600 for two payments at once and it's like an extra $400 in interest. Funny how that works.

There is also a rebate clause in the paperwork where if you don't miss a payment by more than 6 days the first twelve months you get a rebate.

Hmmmmmmmmm