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.
Will the current status of my loan change during the transfer or will I need to take actions to maintain my status (i.e. reapply for deferment, Automatic Debit payments, etc.)?
Loan status information is included as part of the transfer of your Department of Education loan.
Active deferment and repayment plans should remain active until the scheduled end date or until we are notified of a change.
Will my loan payment change with MOHELA?
In most cases, your loan payment will not change when it transfers to MOHELA. However, in a limited number of cases, it is possible that your loan payment amount will need to be recalculated to ensure your loan will be paid in accordance with your loan agreement (promissory note) with the Department of Education. Federal law establishes a specific number of months in which you must repay your Federal Student Loans.
What if I want to make a payment during the transfer period?
If your loans are transferring from Aspire, you are able to submit payment to MOHELA through mail or phone during the transfer period. If you received a billing statement from them, please mail your payment as normal. MOHELA will receive this payment from Aspire. As soon as all of your MOHELA account information is available, please begin mailing your MOHELA billing statement to the address listed below:
Department of Education
P.O. Box 105347
Atlanta, Georgia 30348-5347
What if I want to pay off my loan during the transfer period?
My outstanding principal balance with my former servicer now says $0. What happened to my remaining balance?
Will my due date change?
Who should I contact about making a payment or to request a change to my account?
How will I receive my 2015 tax information for payments made to Aspire Resources Inc?