Were you notified that your federal student loans handled by MyFedLoan are to be transferred to MOHELA? Don’t worry! This is a very usual change for many borrowers and probably will not have any effect on the payment plan, interest rates or underlying conditions of the loans. Let us go deeper into what “MyFedLoan MOHELA” means for you and how this might affect your experience with student loan.
Communication from Myfedloan and mohela will confirm the move of your federal student loans.
MOHELA stands for Higher Education Loan Authority of Missouri, which is one of the contracted federal student loan servicers under U.S. Department of Education (ED).** In simple terms, servicers act as intermediaries between you and ED in handling several matters relating to your loan on daily basis**. This include:
- Processing monthly payments: You’ll be required to submit your monthly payments to MOHELA instead of MyFedLoan.
- Managing your account: Through MOHELA’s online portal or mobile app, you can access all information about your loan, update contact details as well as explore repayment options available.
- Providing customer support: Any questions about their loans, repayment plans, or forgiveness programs will be addressed by MOHLA’s customer service team.
It should however be noted that these loans still belong to the Department of Education. All MOHLA does is play middleman ensuring all payments are processed correctly while making sure that information regarding the existence of such loans is easily accessible to those who require it.
A Seamless Transition: What to Expect
The change from MyFedLoan to MOHELA should proceed smoothly. Here’s what will happen:
- Communication: Both MyFedLoan and Mohela may send official notices informing you about this transition. These notifications should indicate time frames and any required actions.
- Account Access: Whether your current sign in credentials will work on the MOHELA platform or not would depend. MOHELA encourages you to create a new account on their website (https://www.mohela.com/fedLoan-transfer) or download their mobile app for easy access to your loans.
- Payment Methods: While your loan servicer is changing, your payment methods (automatic debit, online payments, etc.) should remain the same. However, it’s always a good practice to double-check your payment information after the transition to ensure everything is set up correctly.
- Loan Details: When these loans are transferred, key features such as principal balance, interest rates, or repayment plan will not be changed.
Here’s a handy checklist to keep you organized during the transition:
- Review your transfer notifications: Take time and carefully read the MyFedLOAN’s and Mohela’s information regarding timeline and specific directions if any.
- Create a MOHELA account: Go ahead and create an account with MOHELA via their website or download their mobile app in order to have easy access of details about your loan.
- Verify your payment information: Check whether all automatic debits or scheduled payments are updated with MOHELA’s information.
- Update your contact details: To avoid missing important updates from both MyFedLoan and Mohela in relation o change of contact numbers or email addresses
MOHELA: Our next Step is
The thought of changing to a new loan servicer may look scary at first. However, if you follow these simple procedures and familiarize yourself with the online resources available from MOHELA, then you will be able to have a stress-free transition. Remember that MOHELA assists in managing your federal student loans; therefore, do not delay reaching out to their customer service team for any inquires.
Remaining well-updated and ahead of things during this time will give you confidence that your journey towards repaying federal student loans still proceeds accordingly according to MOHELA.
