If you’re considering taking a college loan, one of the names you’ll often hear is MOHELA. It stands for Missouri Higher Education Loan Authority. It is one of the federal student loan servicers authorized to handle government-backed loans. However, even with the name and title, some people are apprehensive about working with them.
This is because there are some servicers out there that have had issues with customer service or run-ins with those who falsely claim to be MOHELA. To make a better decision, you need to know more about MOHELA.
What is MOHELA?
MOHELA is a nonprofit organization that manages billing and payments for federal student loans. It has a direct partnership with the U.S. Department of Education, holding around 20% of all loan accounts. Like many other loan servicers out there, they also offer private loans.
The federal loan servicers are often similar in how they handle their loans, and MOHELA ranks as one of the top ones. They boast the lowest delinquency rate and the highest percentage of current borrowers, meaning that most of their borrowers are on time with their payments.
It’s these numbers that have led the U.S. Department of Education to trust MOHELA with more accounts.
With a direct connection to the federal government, MOHELA is a safe and legitimate servicer. The borrowers' experiences may vary, but the government is backing the organization's trustworthiness.
Verifying Your Loan
Borrowers don’t choose the loan provider they get at first. They’re assigned automatically after completing their student loan application. To find out if MOHELA is your servicer, you’ll need to go to the National Student Loan Data System. In the NSLDS, you’ll input your Federal Student Aid (FSA) ID number.
You should have the ID number when you first applied for the student loan. Aside from the provider, you’ll find out other information. You can get an idea of how much you owe and the type of loan you have.
Another option is to contact MOHELA directly. Their contact information is available on their website. You should call them directly if you’re changing any information related to your loan. This includes:
- Phone number
- Address
You can also contact them if you’re looking to change into a repayment plan which can lower your monthly payments and interest rates. By creating an account on the website, you can also set up automatic payments.
Be Wary of Scammers
While MOHELA is trustworthy, there are some shady organizations that will try to take advantage of you. They will either claim to be MOHELA or claim to be a better company that can get you lower interest rates, consolidate your loans, or receive payments on behalf of MOHELA.
Always be skeptical if anyone tries to call you about student loans. Hang up immediately and use one of the phone numbers listed on Mohela’s website instead. This goes for emails, text messages, and letters as well – only use the contact details on their website. If you would like to change loan providers, make payments, or anything else, you can always contact MOHELA directly.
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