Mohela took over my loan from the Department of Education and claimed it could change the terms?
I receive a letter yesterday raising my monthly payments to ~$11,057 a month and stating it was due to "Your terms have been re-calculated to maintain federal/program guidelines". Obviously, the new terms were not agreed upon by me and I can not afford this unbelievably high payment. I would like Mohela (loan previously with Direct Loan Servicing Center) to address this and return to the agreed upon monthly withdrawal of $1289.78 at the 4.95% interest rate for both loans combined as per the terms/disclosure and condition sheet that I possess demo Direct Loan Servicing Center. I do not understand why the change in the monthly payment amount without us requesting it since it was agreed upon already on a signed document between myself and Direct Loan Servicing Center. This breach of terms is not only improper but unethical and frankly not the right way to do business. If it is in error then they should have better quality (document) control. What is going on???
By the way, they said they never heard of you Will (Shaffner).