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A quasi-governmental organization based in Missouri that services student loans is facing lawsuits and a scathing report from a pair of education organizations accusing it of gross mismanagement that needlessly resulted in borrowers losing thousands of dollars.
The Higher Education Loan Authority of the State of Missouri, or MOHELA, is facing class-action lawsuits with accusations of mismanagement.
Class-action lawsuits allege Missouri student-loan servicer cost borrowers time and money by delaying their applications.
A report released Wednesday alleged four in 10 of MOHELA’s borrowers have been affected by “servicing failures."
In a major shakeup, one of the nation’s largest student loan servicing companies announced that it would be transferring its portfolio of accounts to another entity.