Student loan -- Dealing with your lender or servicer -- Complaint #10776384
Complaint Overview
Complaint ID: 10776384
Company: Mohela
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: Texas
ZIP Code: 77469
Date Received: 2024-11-12T12:00:00-05:00
Date Sent to Company: 2024-11-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Mohela just took over servicing of my student loan. Prior to the change I logged into the old servicer website and the posted balance was under XXXX dollars. The first time I logged into Mohela, after the change, my posted balance was over XXXX dollars. I called and spoke with a Mohela representative she said that the balance will go up daily as interest accrues and the posted value will reflect that. What she described has never happened over the life of the loan. The balance has never gone up. Instead, I make a payment, the balance goes down, a new balance is posted and it goes down again when the next payment is made. The accrual is different under mohela and likely works to their advantage. It may be that this change is accross the board and affects all accounts that transferred into the mohela system.
Frequently Asked Questions
What is Complaint #10776384 about?
Complaint #10776384 was filed against Mohela regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2024-11-12T12:00:00-05:00.
How did Mohela respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Mohela?
Yes, visit the Mohela company profile at readthecomplaint.com/company/mohela to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.