MOHELA Homepage

News & Announcements

• SERVICING PLATFORM TRANSFER

  We apologize for any inconvenience during the servicing platform transfer. Due to the timing, an Administrative Forbearance will be placed on your account and 0% interest rate for the period in which your account is unavailable.

  MOHELA will continue to update the Home Page with more information as available. We will also send email notification when your account is available online.
  
  

• SOFR Rate

  The SOFR Rate for November 2024 is 4.83%.

  With any change to the SOFR rate, variable rate loans will re-amortize and a repayment schedule will be provided that includes your new monthly payment, interest rate (margin plus SOFR), and the effective date of your new monthly payment amount.

  Note: The repayment schedule interest rate does not reflect the Auto Pay discount as payments are not calculated with the discounted interest rate.

• Public Service Loan Forgiveness

  Public Service Loan Forgiveness is not available on private student loans.  Important Notice: The recent federal student loan announcement regarding one-time student loan cancellation is applicable to federal student loans only and does not include private student loans. 

  Please note, private student loans are not eligible for a refund of payments made during the Covid-19 Forbearance.