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National Emergency Information Regarding Direct Loans

Due to the recent announcements to waive interest and relief from making payments for the Direct Loans that we service, our contact center is experiencing longer than normal wait times. Continue to check mohela.com for updates.

Interest Wavier¹ - NO ACTION REQUIRED BY YOU

Effective March 13, 2020, your interest rate is 0% until further notice.
Payments made on or after March 13, 2020 will automatically be adjusted.
Payments will be applied first towards interest that accrued prior to March 13, 2020 and the remainder will be applied to the principal balance.

¹ As of today, MOHELA completed the majority of the interest waiver changes. All changes are expected to be completed by April 10th.

Suspend Payments

An administrative National Emergency forbearance is automatically applied to loans that are more than 30 days past due. No Action is required by you.
If your loans are less than 31 days past due², you can submit a request for the National Emergency forbearance by logging into mohela.com.

² We are pending changes due to the CARES Act which will automatically suspend payments through September 30, 2020 for all of the Direct Loans that we serve.

Federal Student Aid
Federal Student Aid’s coronavirus disease 2019 (COVID-19) information page is located at StudentAid.gov/coronavirus. The page includes information about relief to student loan borrowers, including those who have defaulted on their federal student loans. Please visit the page regularly for updates.

President Trump signed the CARES Act on March 27, 2020, which will provide additional flexibilities related to COVID-19.
Websites and systems are being updated as quickly as possible to reflect changes in the law. We appreciate your patience.

Making Payments
You can continue to make payments at any time.

Auto-Debit
If you are participating in Auto Debit and you need relief from making payments, you can suspend your Auto Debit. Please login to mohela.com to take this action.

Applying for or Renewing Income Driven Repayment Plans
Please visit studentaid.gov to apply or renew.

National Emergency Information for FFELP

Please log in to mohela.com to explore options and continue to check back for updates regarding relief.

MOHELA is committed to providing Education Loan Finance customers a first-rate customer experience.

News & Announcements

Coronavirus Situation

The health and well-being of our customers, staff, and our community are a top concern during the emerging Coronavirus (COVID-19) situation. MOHELA is committed to keeping our customers informed should any interruption in services occur. Customer service updates will be posted here.
President Trump recently announced that interest will be waived for all student loans held by Federal Government Agencies. Unfortunately, this does not apply to ELFI private educational loans because they are not held by a Federal Government Agency.
If you are experiencing difficulty making your payments due to the Coronavirus situation contact us to discuss forbearance options available to temporarily postpone your monthly payment.
LIBOR Rate

The Three Month LIBOR rate is 1.45%, effective April 1, 2020. This is a reduction from the prior rate of 1.94%, effective January 1, 2020 - March 31, 2020. With any change to the LIBOR rate, variable rate loans will re-amortize and a repayment schedule will be provided that will include your new monthly payment amount, interest rate (margin plus LIBOR), and the effective date of your new monthly payment amount.

Account Notifications

Notifications are available before your bill is due, when your payment posts to your account and if your account becomes past due.

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We’re here to assist you when it's convenient for you. Schedule a call with a MOHELA Specialist.

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Repayment Assistance

A short-term forbearance may be available if you are experiencing unexpected financial hardship, which may include but is not limited to: illness, unplanned job loss or reduction in monthly income, or if your residential or place of business ZIP code is declared as an Individual Assistance zone by FEMA due to a natural disaster. Additional eligibility criteria and requirements may apply. To determine if you qualify, please call.

Important Information: All Repayment Options are approved at the discretion of the lender. An approval or denial notification will be provided by MOHELA. For approved Repayment Options, unpaid accrued interest may be capitalized at the end of any Repayment Option.

Cosigner Release

The Bank does not offer a cosigner release program. You may apply for a new ReFi loan without a cosigner at elfi.com.