The U.S. Department of Education said it penalized MOHELA after a billing error led over 800,000 borrowers to miss their payments in October.
from THU 1:00 AM CDT until THU 9:00 AM CDT, Brazos County, Grimes County, Houston County, Polk County, San Jacinto County, Walker Countyis punishing one of the largest student loan servicers in the country for failing to send on-time billing statements to millions of borrowers, resulting in thousands being late on payments as a result.
The department said that of those 2.5 million borrowers, more than 800,000 became delinquent on their loans in October – which wasThe Education Department said it would withhold $7.2 million in payment owed to MOHELA for October, and directed the servicer to place all affected borrowers in forbearance until the issue is resolved.
"The actions we've taken send a strong message to all student loan servicers that we will not allow borrowers to suffer the consequences of gross servicing failures," Cardona added. On Monday, the Education Department released a draft of new federal rules paving the way for a second attempt at student loan relief. The proposal targets groups that are seen as especially vulnerable, focusing on those who owe so much, or make so little income, that they otherwise may never repay their loans.The Supreme Court struck down President Biden's student loan forgiveness plan on Friday, a move that many legal and economic experts expected. Peter C.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Education Department penalizes Missouri lender for error that made 800,000 student loan borrowers delinquentThe U.S. Department of Education will penalize student loan servicer Mohela, or the Missouri Higher Education Loan Authority, for its failure to ...
Read more »
Pfizer to shutter North Jersey campus; nearly 800 jobs affectedPfizer plans to shutter its Peapack campus in northern New Jersey, impacting nearly 800 jobs.
Read more »
Ford Mustang GT FP800S package debuts at SEMA with 800 horsepower and a warrantyGet in-depth info on the 2024 Ford Mustang including prices, specs, reviews, options, safety and reliability ratings.
Read more »
Ford's new Mustang GT supercharger cranks Coyote to 800 hpFord's 800-hp supercharger kit for the Mustang GT comes with a warranty and is CARB compliant.
Read more »
Want the New Ford Mustang GT With 800 HP and a Warranty?As part of its FP800S package, Ford Performance Parts offers a Whipple supercharger for the 2024 Mustang GT 5.0-liter V-8, along with additional style.
Read more »
New Ford Performance Blower Kit Brings 800 HP to S650 MustangBorn and raised in Metro Detroit, associate editor Lucas Bell has spent his entire life surrounded by the automotive industry. He may daily drive an aging Mustang, but his Porsche 944 and NB Miata both take up most of his free time.
Read more »