Student loan -- Dealing with your lender or servicer -- Complaint #5000461
Complaint Overview
Complaint ID: 5000461
Company: Mohela
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: Alabama
ZIP Code: 36526
Date Received: 2021-12-12T12:00:00-05:00
Date Sent to Company: 2021-12-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I contend that the original loan ( which was {$5000.00}. ) amount has been paid. However the loan was consolidated and interest accumulated. On XX/XX/XXXX the principal balance according to MOHELA was {$22000.00}. I have made payments from that date until XX/XX/XXXX totaling over {$10000.00} but yet the principal balance on XX/XX/XXXX is {$22000.00}. How is that possible? So none of my payments have effected the principal balance in 5 years? How is that fair? Also, during the Coivd19 grace period on MOHELA 's website it states " During this time no interest is accruing and no payment will be due before XX/XX/XXXX ''. I checked my account and interest has accrued in the amount of {$3400.00} for a total payoff amount of {$26000.00}. So if I could payoff my account on or before XX/XX/XXXX that would be the payoff amount? What happen to NO interest accruing during the pandemic grace period? I am not a teacher, nor do I work in the public service sector, nor am I total and permanently disabled. Is there no remedy for other workers trying to pay off their student loan? How can I get the principal balance reduced on my student loan?
Frequently Asked Questions
What is Complaint #5000461 about?
Complaint #5000461 was filed against Mohela regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2021-12-12T12:00:00-05:00.
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.