A Missouri loan servicing company mishandled millions of accounts by failing to properly implement a pandemic-era economic relief program, according to a lawsuit filed by federal student loan borrowers.
The borrowers filed a proposed class action against the Missouri Higher Education Loan Authority in the US District Court for the Eastern District of Missouri Thursday, saying it inflated monthly bills, failed to send borrowers timely billing statements, and didn’t properly implement a 2023 federal safety net program, the SAVE Act.
MOHELA is one of the largest servicers of student loans guaranteed by the federal government. Originally created by Missouri lawmakers ...
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