To file a complaint, you must first describe the issue you are currently facing and then propose how you would like to have it resolved. Now, I have to wait up to a week to get it back into my account. It cannot guarantee profit or fully protect against loss in a declining market. They said they did not do a hard credit pull, but my credit mysteriously went down 22 points at exactly the time I gave my consent for a hard credit pull. My advice to anyone looking to consolidate their loans, is DO NOT USE SOFI!After 10 years of having loans through Navient and other institutions, I NOT ONCE had a problem. Complete a formal request via pdf and send by fax to 1-866-222-7060 or mail to: If you are unhappy with the way your MOHELA student loans have been dealt with, then you can use the help of these websites to file a complaint: FSA feedback system - all borrowers are allowed to send feedback, which can either be positive or negative via the federal student aid feedback system. SoFi aims to help customers get control of their finances. Write a review. Your loans get combined and you will be assigned an interest rate based upon your creditworthiness. We recommend that you review the privacy policy of the site you are entering. SoFi is one of the largest student loan refinancing companies in the industry. 3.6. sofi.com. The lender operates nationwide and is known for offering loans with no fees. We submitted this document multiple times and, without fail, another person would call with NO IDEA that anyone else had even called us saying the SAME THING and ask for the billing statement. SoFi Reviews 2,484 • Average . Horrible company can go back under the rock they climbed out from cant even offer Zelle go back to the Stone Age. It's NOT available online. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. I spoke to an account manager named Jennifer who told me they could manually review my application, but that I would pretty much have to start the entire process over (not to mention they would do a hard credit pull after that... again). But even with this increase the final two years of payments the amount will not be more than. I was only informed of this when I saw it hadn’t posted to the account and contacted customer service. Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost. It would be recommended to go for this option if you are sure that your salary will increase over the next two years to help cope with the increase in payment. You can reach MOHELA over the phone - 1 (888) 866-4352  I find your interactions to be amazingly smooth, fast, and easy. Read about their repayment plans, payment process along with the advantages and contact information. Read about their experiences and share your own! I will definitely be doing business with SoFi in the future and I will be telling all of my family, friends and coworkers about the excellent service I received from them. Income-driven repayment plan - The payments have to be made depending on your financial situation. I deposited a check in November and accidentally mixed up two numbers and when we went to try and fix it we were met with little help. Investing It is clear that these types of "new age" online lenders have made a business of continuing the exclusionary tactics employed by institutional banks over the centuries. If you are looking to forgive your loans here are the options available to you: If you work full-time in a qualifying public employer, with a qualifying repayment plan and had 10 years of qualifying monthly payment, you may be eligible for forgiveness for the remaining balance of your direct loan. The loan process with SoFi was quick and easy and my loan was funded within one day of signing. I've also had personal loans with them. MOHELA has a hugely optimized web portal where borrowers have access to every information about their loans from interest rates and due date to the outstanding balance, and more. ?You people make Forest Gump look like a brain surgeonThe next day I received an email informing me that the funds would be replaced so I removed all funds from the account on Dec 4th at which time again requested my account to be closed.As of today Jan 7, 2020 they still have not closed my account, Horrible company customer service and rules all together in a Vitamix blended and chopped into celery green smoothie that's nasty !!!! If you find it challenging to meet these monthly payments, then MOHELA has the following options available for you: Graduated Repayment plans - This is also a 10-year repayment plan, but the payments to be made initially are low and gradually get higher. They got my income and fed tax transcript via a national databases using my SSN. This is complete garbage. They wouldn’t honor my entire check because I used Annual Leave! For information regarding the services of MOHELA, you may also contact the US Department of Education. Candidly, I generally feeling like the lending community and credit agencies in general, are horrible to work with. Public Service Loan Forgiveness (PSLF) has always been a complicated and confusing program. “BBB” then sends the problem to the company and ask for a response within 14 days. Learn more about Teacher loan forgiveness. They are one of the biggest servicers for Federal student loans with a high reputation. They responded with - "After looking at all factors, we determined that your application does not meet our criteria at this time. MOHELA student loan servicer takes care of -, Accounts management for Federal student loan borrowers, Consolidation, discharge, and forgiveness for applicable loans. SoFi's system doesn't communicate with Mohela's and was unaware that I had removed this back in September.I do not trust the legitimacy of SoFi or Mohela to accurately calculate my payments or my interest accruing given all of these back and forth changes. MOHELA does not charge any fee for the consolidation of student loans. I just refinanced with sofi and it was so smooth. Don’t waste your time with this company. Martin Luther King Jr. Day. ELFI, or Education Loan Finance, is a loan refinance program. After your account is created, you have full access to the online portal, where you can see your interest rates, outstanding balance, payment options, and other useful information regarding your loan account. MOHELA, having started servicing loans on behalf of SoFi, has now become one of the biggest servicers for Federal Student Loan, having provided services for over 30 years and amounts exceeding $39 billion loans. Once your loan is funded, servicing will be provided by our partner MOHELA, who will contact you to set up … Fax -  8662227060. Everything was going smooth until I provided my paycheck stub. Another scenario is when the borrower would have had his loans transferred, and during this transfer, they may have missed reporting a payment. And do not expect customer service to assist in any way whatsoever. Disclaimer: Our team strives to provide information that is accurate, complete and timely, but we make no guarantees about the information published, listed schools, accreditation status, financial aid and scholarships, career opportunities, employment and salary outcomes. Here is how MOHELA plays a role as a servicer to help get your loans forgiven, discharged, or consolidation. "So I applied for the same loan at LightStream - which is an excellent lender for people with high credit scores.I must also note that LightStream does NOT have a requirement compelling customers to upload their DL. My annual income is $85k with another $700-1000 per month from independent contractor work (paypal receipts included in the application to support this) I NEVER upload my Driver's license because it provides a basis for discrimination. Here is a review on MOHELA as a servicer and how they will help you as a borrower during your repayment period, aid during any disputes, and how to submit a complaint. I tried to go with SoFi to refinance my parent plus student loans. Sincerely. If you are a teacher who had taught for 5 consecutive years as a full-time employee in an educational service agency, secondary school, or low-income elementary school, your federal loan may be eligible for forgiveness of up to $17,000. While there is no minimum income, many borrowers who refinance with SoFi have graduate degrees. If a complaint does not help, you can contact the Federal Student Aid Ombudsman Group. Learn more about how we make money.Last edited November 5, 2020. SoFi’s private student loans could be a helpful supplement to federal student aid, especially if your parents rely on nontraditional sources of income. They also provide forbearance and deferment for their borrowers. 1st, I never, ever use a debit card so when they sent me a card I placed it in my home safe2nd, I was never in Monaco or Paris.I called SOFI the same day these charges were made to report a fraud and customer service informed me that I would have to wait until after the funds were paid from my account before I could request a refund which could take up to 90 days. This company is so easy to work with. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Seems that some government agency should look into this. And, if I get hit with an overdraft charge, I have to go through a whole process to get them to refund that. So I have read Sofi's responses to other complaints regarding blatant prejudice practices. That is insane because Annual Leave Comes with the job. The payment increase is about 20% for two years. There are 4 repayment plans available to borrowers they are: Pay As You Earn(PAYE), Revised PAYE, Income-based and Income-Contingent repayment plan. Follow the on-screen instructions to complete the sign-in process. I told them I'd never heard of them. This is my second loan through SoFi. Individual circumstances are unique. Customer service talks around your question / problem. This process is relatively simple, and it will only take a minute or two to complete. Write a review Write a review Reviews 2,459 Write ... it paused my loan being serviced by Mohela. You can even report any suspicious activity or complaint as well. They waived the appraisal since my house was also in some system. Is this not against the law? 5 reviews of Missouri Higher Education Loan Authority "MOHELA charged my account twice this month for the same payment. I find your staff pleasant and helpful. My parents and I filled out all of the paperwork and, after a couple of weeks, the only piece missing was a billing statement from my current student loan lender. Have used in the past with no issues. When you refinance a Federal student loan, it becomes a private student loan. Since becoming a member in September I have had numerous issues with SoFi and/or its servicer of my loan, Mohela. If you have great credit they know they can’t make as money off of you. For contacts and assistance from MOHELA, please refer to the following. Login to Link MOHELA.com and perform all the online transactions needed. You may also contact MOHELA from the online portal. Notice the only difference in these two scenarios - Sofi was able to see the color of my skin from my DL. In case your loan is assigned to MOHELA, this Student Loan Servicer Review article is crafted for you to grab everything you need to know about them as your federal student loan servicer. | Read 1,021-1,040 Reviews out of 2,483 All I had to give them was my bank statements, upload ID, and give disclosure statements. Upon refinancing you will have to make just one payment at the end of the month, it is important to note that upon refinancing you will lose all the options associated with your federal loans. The bank the check came from even said SoFi should been able to request an adjustment if they caught it from the pictures of the check. Easy app, easy approval, easy and quick funding. If you still aren’t satisfied with the way the situation is being handled then you can take the following steps: The FSA Ombudsman Group - This is a private and confidential group that helps in student loan-related issues, The Department of Education (DOE) - They can look into your dispute, you can contact them by calling them at 1-800-621-3115. It allows me to easily pay extra toward my note every month with my autodraft. Even though they had not denied my application and simply needed more information, my application opened up saying they had denied it every time I logged in. Great first impression. Worst customer service I have ever dealt with. Choose and enter a secure username and password. Of course she never did. MOHELA is one of the largest holders and servicers of student … SoFi has been the worst business I have ever encountered. For example, if you get a student loan through SoFi, it will most likely be handled by MOHELA. There have been instances of borrowers having made nine years’ worth of payments on a plan they were assured by MOHELA qualified for PSLF, being informed only at a later date that they were not making any qualifying payments. Email - Grp.AltForm@mohela.com It is crucial, as a borrower, to understand the services and procedures followed by your loan servicer. When I asked her to cancel my application since I have been going back and forth with them for a month and a half, she said okay and hung up on me. Here are the most common complaints regarding their services. They allowed someone to open an account using my information. Only available in the united states. Learn more about Public service loan forgiveness. Move on and don’t risk a hard inquiry on your credit score from these scabs. It feels as if they don't care about their customers. MOHELA, Missouri Higher Education Loan Authority, established in 1981, is currently one of the ten largest student loan servicers with their headquarter situated in St. Louis, Missouri, United States. I love their website and app. Expert review. MOHELA is SoFi’s third-party loan servicer for student loans. I've had several poor customer service experiences with Mohela. MOHELA has started servicing some loans on behalf of SoFi. I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. SoFi student loans are serviced by MOHELA or the Missouri Higher Education Loan Authority. Write a review. They gave me closing credits to cover all the fees and rolled my escrow need into the loan so that I didn't need more money for closing. Updated by C Laltlanhlua on 17th December 2020. By Kevin Mercadante 1 Comment-The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). 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