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Mohela: Your Guide to Student Loan Services and Resources

Introduction

Hey readers! Welcome to our comprehensive guide to Mohela, your go-to source for all things student loans. Whether you’re seeking information about your loan balance, repayment options, or other loan-related services, Mohela has got you covered.

Mohela stands for Missouri Higher Education Loan Authority and is a non-profit organization established in 1987. As one of the leading student loan servicers in the United States, Mohela plays a crucial role in helping millions of borrowers manage and repay their student loans.

Understanding Mohela’s Role

Student Loan Servicing

Mohela acts as a liaison between you and your student loan lenders. They handle all aspects of loan servicing, including:

• Processing payments
• Managing loan accounts
• Providing customer service
• Offering forbearance and deferment options

Loan Consolidation

If you have multiple federal student loans, Mohela can assist you with consolidating them into a single loan with a streamlined payment schedule. This can simplify your repayment process and potentially lower your interest rates.

Income-Driven Repayment Plans

For borrowers facing financial challenges, Mohela offers income-driven repayment plans. These plans adjust your monthly payments based on your income and family size, providing more affordable repayment options.

Mohela’s Online Services

Mohela’s user-friendly online portal, MyFedLoan, allows you to conveniently manage your student loans from anywhere with an internet connection. Through MyFedLoan, you can:

• View your loan balances and payment history
• Make online payments
• Update your personal information
• Enroll in auto-pay for hassle-free payments

Mobile App

For on-the-go convenience, download Mohela’s mobile app. The app provides quick access to:

• Account balances
• Payment due dates
• Loan history
• Secure messaging with a customer service representative

Student Loan Repayment Options

Standard Repayment Plan

The standard repayment plan is the default option for federal student loans. It typically offers the shortest repayment period and the lowest total interest paid.

Extended Repayment Plan

If you have a high loan balance or need more time to repay, the extended repayment plan may be a suitable option. It extends your repayment period to up to 25 years.

Graduated Repayment Plan

The graduated repayment plan starts with lower monthly payments that gradually increase over time. This plan can be beneficial if you expect to earn a higher income in the future.

Mohela Repayment Assistance Programs

Forbearance

Forbearance is a temporary suspension of loan payments for up to 12 months at a time. You may qualify for forbearance if you experience financial hardship or other qualifying circumstances.

Deferment

Deferment is a postponement of loan payments for up to three years at a time. You may qualify for deferment if you are enrolled in school at least half-time, have a disability, or are serving in the military.

Loan Forgiveness

In certain circumstances, you may be eligible for loan forgiveness under programs such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. Mohela can provide guidance on these programs and help you determine if you qualify.

Mohela Fees and Charges

Conclusion

Mohela is a valuable resource for student loan borrowers, providing a wide range of services and support to help you manage and repay your loans. Through their online portal, mobile app, and dedicated customer service team, Mohela empowers you to navigate the complexities of student loan repayment.

If you have any questions or need assistance with your student loans, don’t hesitate to reach out to Mohela. They are committed to helping you achieve your financial goals and graduate from student loan debt.

Check out our other articles for more information on student loans, repayment options, and financial literacy:

• [Link to Article 1]
• [Link to Article 2]
• [Link to Article 3]

FAQ about MOHELA

What is MOHELA?

MOHELA is an acronym for the Missouri Higher Education Loan Authority, a student loan servicer that manages federal student loans.

What does MOHELA do?

MOHELA processes payments, provides customer service, and assists borrowers with repayment options for their federal student loans.

Who can MOHELA help?

MOHELA services federal student loans for borrowers who have consolidated their loans or have loans that were previously serviced by FedLoan Servicing.

How do I contact MOHELA?

You can contact MOHELA by phone at 1-888-866-3342 or by submitting an inquiry through their website at https://mohela.com/contact-us.

How do I make a payment to MOHELA?

You can make payments online, by phone, or by mail. MOHELA accepts ACH transfers, debit cards, and personal checks.

What is the PSLF program?

The Public Service Loan Forgiveness (PSLF) program allows borrowers with federal student loans to have their loans forgiven after making 120 qualifying payments while working full-time for a qualifying public service employer.

Is MOHELA participating in the PSLF program?

Yes, MOHELA participates in the PSLF program and can assist borrowers with applying for forgiveness.

What is the difference between a deferment and forbearance?

A deferment pauses loan payments while forbearance reduces or eliminates payments temporarily. Deferments are typically granted for specific circumstances, such as being enrolled in school or facing economic hardship. Forbearances are more flexible and can be granted for a variety of reasons.

How do I apply for a deferment or forbearance with MOHELA?

You can apply for a deferment or forbearance online through MOHELA’s website or by contacting their customer service team.

What is the best way to manage my student loans?

The best way to manage your student loans is to stay organized, make timely payments, and explore repayment options that work for you. MOHELA offers a variety of resources and tools to help you manage your loans effectively.

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