MOHELA FAILS TO SEND 2.5M BORROWERS' BILLING STATEMENTS ON TIME
The Missouri Higher Education Loan Authority (MOHELA) failed to send timely billing statements to 2.5 million borrowers over the past month, resulting in hundreds of thousands of borrowers missing their payments according to the Department of Education. Typically statements are required to be sent 21 days in advance, but in some cases, MOHELA only gave a seven-day notice--800,000 borrowers subsequently became delinquent on their loans, according to the department.