Is Mohela a Federal Student Loan Servicer?

You can be well into your career and still find yourself repaying your federal student loan. Paying it off can take decades and proves to be challenging to most. Not to mention that student debt as the years go by becomes harder and harder to handle. That’s not good news to the newer generation.

Lucky for us, there are federal student loan servicers that make things easier. They are well-equipped and knowledgeable of the ins and outs of repaying student loan debt, the policies surrounding them, and are always ready to guide us throughout the process.

Is Mohela a federal student loan servicer? Yes, they are! Let’s get to know more about them, shall we?

Get To Know Mohela

Mohela is basically one of the (only) seven companies that are considered federal student loan service providers in the US. Mohela actually means Missouri Higher Education Loan Authority and its primary function is to collect and track student loan payments.

It is a non-profit and services private and federal student loans.

The company is set to be the only servicer for those who are about to enroll in the Public Service Loan Forgiveness as well as for the TEACH Grant Program by late 2022.

Mohela takes pride in its world-class service as well as in its dedication to helping borrowers pay off their student debts. Apart from equipping borrowers with the necessary tools to pay off their loans, they also provide guidance like no other and provide tailored solutions to certain federal student loan problems.

The Benefits of Working With Mohela

Mohela allows you to have access to your monthly statements and pay your bills once you’ve registered for an online account and activated it. You can also enroll for Autopay, which will not only automate your payments but also give you a 0.25% reduction on your loan interest. You will also have access to an income-driven repayment process which will enable you to limit your student loan repayment based on a percentage of your earnings.

Mohela may also help you out and provide robust solutions whenever there are instances that you won’t be able to pay your student loan on time, like a process deferment and forbearance request which will allow Mohela to put a temporary stoppage on your payments or reduce them.

This process allows you to stay in good standing even if you’ve missed some supposed payments. Please take note, though, that interest may continue to accumulate during such a period.

Mohela may also process additional payments for you if you’re able so you can pay off your federal student loan faster.

Conclusion

Are you stuck with Mohela for the lifetime of your loan? Probably not, as they are randomly assigned but the Department of Education to begin with and they can also change your federal student loan servicer whenever policies change.

Being on top of your federal student loan gives you the peace of mind to push through amidst the challenges life may bring. Service providers like Mohela are here to help us achieve our goals one payment at a time.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.