Your Department of Education loan has recently been transferred to MOHELA for servicing. We have answers to what are some important questions you likely have.
I was notified that my payment is late but I submitted my payment to my former loan servicer. Will my late payment be reported to credit agencies?
Will I be charged a late fee if MOHELA doesn’t receive my first payment on time during the transfer?
No, you will not be charged a late fee due to delayed payment during the transfer as long as your payment has an effective date your previous servicer received the payment by your payment date. To avoid future late payments, sign up for the Auto Debit Program (.25% interest reduction) or make sure your Online or Third-Party Bill Payments (such as those through a bank) are updated after the transfer to reflect the new payment address. Your account number will remain the same.
New Payment Address:Department of Education
P.O. BOX 105347
Atlanta, GA 30348-5347