Coronavirus Situation
The health and well-being of our customers, staff, and our community are a top concern during the Coronavirus (COVID-19) pandemic. MOHELA is committed to keeping our customers informed should any interruption in services occur. Customer service updates will be posted here.
The CARES Act has temporarily suspended payments and waived interest charges on federally held student loans until the end of September due to COVID-19. Unfortunately, this does not apply to SoFi private educational loans because they are not held by a Federal Government Agency.
However, borrowers in need of assistance can contact MOHELA to identify the options appropriate to their circumstances. Relief options include:
Providing forbearance of payments for a minimum of 90 days; an initial 60 day period; with an option to extend an additional 30 days for those still impacted;
Waiving any applicable late payment fees incurred after the beginning of the national emergency for those who enroll in forbearance;
No negative credit reporting as a result of a Local and National Emergency Forbearance;
Ceasing debt-collection lawsuits for a minimum of 60 days; and
Working with borrowers to enroll them in appropriate assistance programs
If you are experiencing difficulty making your payments due to the Coronavirus pandemic, click here to learn more about forbearance options available or contact customer service at 877.292.7470 for additional assistance with your account.
Amid evolving news and uncertainty surrounding COVID-19, your financial needs are our priority. We empathize with you during this difficult time.
LIBOR Rate
The LIBOR rate for June 2020 is 0.18%, a decrease from May's LIBOR rate of 0.45%. 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.