What does MOHELA mean on my credit report?
Learn about MOHELA, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is MOHELA?
MOHELA is shorthand for Higher Education Loan Authority of the State of Missouri, with the company name being Higher Education Loan Authority of the State of Missouri Inc
If you have just been informed by Federally-funded Loan Service that your loans are being transferred to MOLHA, we would like to take this opportunity to introduce yourself to MOHELA! We encourage you to review any transfer details provided here from Federal Student Aid. Your loans were never actually sold or transferred to MOHELA.
MOHELA is a Loan Provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Higher Education Loan Authority of the State of Missouri.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
- ⚫ Education
How do I contact them?
Here is the current contact details for Higher Education Loan Authority of the State of Missouri:
Address:
- 633 Spirit Drive Chesterfield, MO 63005-1243
Website:
Phone:
Payments
You can make a payment by contacting Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing at 888.866.4352 (Toll Free) or Public Service Loan Forgiveness at 855.265.4038 (Toll Free). There is a monthly payment plan offered. To request a payment refund, you must contact MOHELA’s Direct Loan (DL) / Federal Family Education Loan (FFEL) servicing department at 888.866.4352 or the Public Service Loan Forgiveness (PSLF) department at 855.265.4038. Payments can be made over the phone by contacting either Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing or Public Service Loan Forgiveness (PSLF) Information at 888.866.4352 (Toll Free). Payments can be made online through Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing and Public Service Loan Forgiveness (PSLF). they do not offer a discount for automatic payments. Other payment options such as using a check or money order are not available. you can make a payment using a mobile app. Contact 888.866.4352 (Toll Free) for Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing and 855.265.4038 (Toll Free) for Public Service Loan Forgiveness. there are penalties for late or missed payments. Payments can be made using a prepaid debit card through MOHELA’s Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing or Public Service Loan Forgiveness (PSLF) Information service. you can make payments using a wire transfer by contacting Direct Loan (DL) / Federal Family Education Loan (FFEL) Servicing or Public Service Loan Forgiveness (PSLF).
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
they do not offer loan forgiveness. they offer loan consolidation. qualified loan forgiveness requires an individual to meet certain criteria including working full-time in an eligible public service job, making 120 eligible payments and submitting an application. Contact Federal Student Loan Management at 888.866.4352 (Toll Free) or 855.265.4038 (Toll Free) for more information.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
you can apply for a loan online. A cosigner is someone who agrees to pay back a loan if the primary borrower is unable to. They must meet the same qualifications that would be required of the primary borrower and must be willing to take on legal responsibility for the loan.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | No |
| Can I apply for a loan using a mobile app? | No |
| Can I apply for a loan with a cosigner? | Yes |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your IdentityIQ report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
What is a Loan Provider?
A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.
How do I remove MOHELA from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.