Mohela is not a student lender. Instead, Mohela is a student loan manager, which means they are paid to collect payments and answer questions about repayment.
Since Mohela handles both federal and private student loans, this can confuse borrowers. For example, Mohela’s website highlights information on loan forgiveness and income-based repayment. Unfortunately, these resources are only available to borrowers with federal loans.
The good news for borrowers is that it’s easy to determine if your Mohela loans are federal or private. Additionally, resources are available to help borrowers repay both types of loans.
How do I know if my Mohela loans are federal?
The Department of Education maintains detailed records of all federal student loans.
Borrowers can access these records on studentaid.gov. If your Mohela loans are listed, they are Federal. If the loans do not appear, they are private.
A phone call to Mohela can also clear up any confusion about the status of the loan. The coordinates of Mohela are available here.
Dig deeper: If your loans are more than ten years old, you may have federal loans held by individuals or businesses.
Loans that are federal, but not federally ownedsuch as some FFELP loans may have limited repayment and forgiveness options.
Repayment Options and Forgiveness for Mohela Federal Loans
If you have federal student loans, the rules and options for the loan are the same regardless of who handles the loans.
Mohela should help borrowers determine program eligibility and enrollment. However, borrowers should always do their research beforehand. If a borrower makes a mistake because the loan officer provided bad advice or inaccurate information, there is usually no recourse for the borrower.
The following guides may be helpful to borrowers trying to figure out what to do with their federal loans:
Sherpa Tip: Consider Mohela a helpful resource rather than the final authority on student loan matters.
In many cases, loan servicers are an excellent source of information. However, many borrowers may regret not double-checking the information they receive.
Mohela Private Lending Options and Strategy
Private loans managed by Mohela do not have uniform rules.
Instead, the original student loan agreement specifies the terms and conditions of the private loan. Mohela’s job is to collect payments and answer questions about the loan.
Borrowers struggling with their private loan should contact Mohela about possible loan modification or help with difficulties. Help from lenders is usually unsecured, but many lenders would rather receive payments than nothing.
Borrowers looking for a lower monthly payment or a reduced interest rate can succeed by refinance their private loans. This option is usually only available to borrowers with a decent credit score and income, but an eligible co-signer can also help.
Contact Mohela Customer Service
Borrowers have several options for contacting Mohela.
633 Spirit Drive
Chesterfield, MO 63005-1243
Finally, borrowers can be helped by send a secure message via the Mohela website.