We will be closed due to the federal holiday on July 3rd.
Due to the federal holiday weekend, payments may take up to 5 days to post to your MOHELA account. This delay will not change the effective date of the payment. We appreciate your patience.
The health and well-being of our customers, staff, and our community are a top concern during the emerging Coronavirus (COVID-19) situation. MOHELA is committed to keeping our customers informed should any interruption in services occur. Customer service updates will be posted here.
President Trump recently announced that interest will be waived for all student loans held by Federal Government Agencies. Unfortunately, this does not apply to SoFi private educational loans because they are not held by a Federal Government Agency.
If you are experiencing difficulty making your payments due to the Coronavirus situation click here to temporarily postpone your monthly payment for 60 days.
The LIBOR rate for July 2020 is 0.18%. With any change to the LIBOR rate, variable rate loans will re-amortize and a repayment schedule will be provided that will include your new monthly payment amount, interest rate (margin plus LIBOR), and the effective date of your new monthly payment amount.
Note: The repayment schedule interest rate does not reflect the Auto Pay discount, if applicable to your loan program, as payments are not calculated with the discounted interest rate.
For SoFi customers experiencing financial hardship, SoFi may offer Repayment Options to temporarily postpone your monthly payment.