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However, FedLoan stopped servicing federal student loans after December 2022 and the Department of Education then transferred the loans it was servicing to Nelnet, Edfinancial, Aidvantage or MOHELA.
Federal Perkins loans, a need-based student loan; PLUS loans, which are part of the Federal Direct Student Loan Program; Federal GradPLUS loans; Federal student loan consolidation; Number of student loans serviced. In a letter to members of the U.S. Senate, MOHELA stated that it serviced 2,464,028 student loan borrowers on February 1, 2020 ...
Consolidate commercially held FFEL loans. If you have commercially held FFEL, Perkins, or HEAL loans, you must consolidate to Direct Consolidation Loan to take advantage of the new SAVE plan and ...
The main benefits of federal student loan consolidation include: Longer repayment periods: If you need more cash in your pocket right now, consolidating your federal student loans may help you ...
MOHELA has been in the student loan business for more than 40 years. Missouri state legislators created it in 1981 to provide low-cost loans for students and a source of revenue for the state.
History. The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g ...
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