Missouri Higher Education Loan Authority (MOHELA) did not send out billing statements on time over the last month.
The Department of Education has paused interest rates for 800,000 student loan borrowers after many individuals never received their bills on time.Roughly 2.5 million student loan borrowers faced billing mistakes, according to the Education Department's statement on Monday.
Education Secretary Miguel Cardona said the department's actions against MOHELA are in an effort to 'send a strong message to all student loan servicers that we will not allow borrowers to suffer the consequences of gross servicing failures.''Our oversight efforts have uncovered errors from loan servicers that will not be tolerated,' Education Secretary Miguel Cardona said in a statement.
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