Yes, nearly 22 years after I breathed a sigh of relief that my name made it onto the graduation ceremony program for Florida A & M University graduates — meaning I was able to collect my Bachelor of Science degree that beautiful spring day in 1990 — I am still paying off the student loans I took out to obtain said degree in Business Administration.
To wit, this reporter was just added to the list of those whose student loans have been transferred from Direct Loan to Mohela, a loan agency I hadn’t heard of before.
It wasn’t that long ago that my Direct Loan was transferred to a place called MyEdAccount.com, which I had to confirm wasn’t a scam.
And now today, the following email arrived in my inbox — and apparently I’m one of many who’ve received news that Mohela has taken over their loan when we were almost done paying.
As you can see from my screenshot, I’ve got only $1,044 left to pay — and when I logged onto my Direct Loan account to see that amount paid off, I freaked out for a minute, thinking they’d deducted that full amount from my checking account. Alas, they hadn’t. Thank God!
Here’s the email about the switchover:
This e-mail is to inform you that your Direct Loan, with the Direct Loan Servicing Center, has been transferred to MOHELA. As the number of Direct Loans continues to grow, Federal Student Aid has expanded their federal loan servicers to provide additional servicing capacity for the Title IV loans owned by the U.S. Department of Education. This will ensure an efficient and effective multi-servicer, borrower-centric approach to servicing. You will shortly be receiving correspondence from your new servicer related to the transfer of your Direct Loan. This will confirm that the new servicer has completed the transfer of your loan at which time you may contact MOHELA by calling 1-888-866-4352 from 8:00 am to 8:00 pm CT Monday through Thursday and 8:00 am to 5:00 pm CT Friday. You can also visit their website at www.mohela.com
Effective immediately, please submit any required payments to MOHELA. Make your check or money order payable to MOHELA and mail to:
U.S. Department of Education
PO Box 105347
Atlanta, GA 30348-5347
The Direct Loan Servicing Center will forward any unprocessed applications, such as deferments and forbearances, to MOHELA for processing along with any payments you may have submitted.
Direct Loan Servicing Center
Who is Mohela? Here’s what happened when I called them…
Well, as you can see from the link to the man who writes about his experiences with Mohela, we might want to pay close attention to any paperwork received soon in the mail from the loan institution.
I immediately created an account on Mohela, but when I tried to research whether my account information was in their hands, I received the following message, letting me know it is not yet there — and my account is not yet activated:
Hello PAULA MOONEY and Welcome to MOHELA!
MOHELA is servicing student loans on behalf of the Department of Education, Office of Federal Student Aid. However, the transfer of your loans to MOHELA for servicing is not yet complete so your detailed account information is unavailable at this time. This process is expected to take up to 2 weeks before your account information is available. Until the transfer is complete, your loan detail will not be available to our Customer Service Professional, in the Automated Phone system, or on your web account. Rest assured we are working diligently for you to have access to your account 24/7!
What you can expect:
Within two weeks of the transfer date of 03/29/2012, your account information will be available by accessing: www.mohela.com or by calling 1-888-866-4352 x4708 to access our Automated Phone System or speak with a Customer Service Professional.
When I called Mohela…
They were nice and helpful. I spoke with a woman who could confirm only the type of information that was transferred over to them at this point: namely, my name, address, phone number and email.
She didn’t have any data yet on my student loan amounts — but she did inform me that I should be receiving a welcome packet in the mail soon — but I’d want to be careful because when I get the bill in the mail, it might be due within a day or two later, so she said I could pay online.
The Mohela woman told me that it’s a good idea to create an account online, and I told her I did, but I saw that it could take up to 2 weeks to be activated.
I’m glad I called, because she let me know that the method I was using to pay my student loan monthly via my bank account debit (known as KwikPay on Direct Loan) would not be available through Mohela, but Mohela does offer various ways to pay online and such.
So therefore, as soon as I receive my information in the mail, I plan to go over it with a fine-tooth comb. I told her I wanted to make sure I wouldn’t be charged any late fees or anything because of this transition, and she said no, that the type of loan I have doesn’t get assessed fees, only the normal interest amounts.
I hope all that’s true and that this will be easy peasy and paid off soon. When I received the email saying to make a payment to the above Mohela address, of course I had to research to make sure this wasn’t a scam.
Plus, I didn’t want to blindly send my $75 monthly payment to an unfamiliar address without any payment coupon or anything to send with it.
Anyway, I hope this information has helped the no-doubt thousands of others who receive the same information in their email accounts — and leave comments about your experience with Mohela.