Moved to Mohela

[unsungivy]

Just got the notification on Monday that my FedLoans are going to Mohela. The only thing I see on here was when someone said that they completely changed the terms for them.

Anyone else have feedback on this lender and what I can expect? Thanks!

[JamP]

Mine also.

Following...

[SweetCreditObsession]

My loans were transferred from FedLoan to Mohela in December. 

The move was easy and the terms of my loan were unchanged. One notable thing: Mohela reflected the same account age as my FedLoan account so my score didn't suffer tremendously.

The user interface of the site looks dinky, but it's easy to navigate and Mohela's always responded to any written inquries that I submit through their site quickly - typically within a day.

[Cory88]

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@unsungivy wrote:

Just got the notification on Monday that my FedLoans are going to Mohela. The only thing I see on here was when someone said that they completely changed the terms for them.

Anyone else have feedback on this lender and what I can expect? Thanks!

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For me when I was consolidated my loans the fast storey is that one servicer told me one amounts that was a big difference from FSA said and tried a different servicer and they told me that was more to what FSA said and called and told them and they said "as long as they are paid off in 120 payments on the two plans standard and graduated each servicer can make you do higher payments for less then 120 payments and that is fine and complies with FSA."

[SandyRN]

Would you be willing to share with me how much it affected your score?  My loans are in the process of being transferred and I am building a house set to be finished in late January.  I am terrified of this dropping my score and affecting my mortgage.

[SweetCreditObsession]

@SandyRN  - My score went up by a single point when the account was reported as closed by FedLoan in January. My score remained the same when they added my Mohela account to the report in mid February. The account open date matched what FedLoan had reported so I think that might have helped. 

Best wishes with the mortgage!

[SandyRN]

Thank you for the information, that makes me feel much better.

[SweetCreditObsession]

@SandyRN - I'm glad to hear that. I hope that you see no negative impacts with the mortgage. 

[SandyRN]

My loans were scheduled to be transferred yesterday 8/11.  I logged into Nelnet and all the information on my loans is gone, Mohela still isn't showing any information other than "account in good standing" and no changes have been made my credit report .  Soooo fingers crossed, I should see some changes soon.  I'll update when I do.  I'm still in the stages of rebuilding and I have a very borderline credit score and it seems even the smallest things effect it greatly.  I'm just over the 700 mark on two of my morgage scores, experian lags behind at a 676.