Many Student Loan Borrowers Struggling under MOHELA

If you’re one of the 7+ million borrowers for whom MOHELA manages student loans, the last six months have probably been a bit of a struggle. Besides the letdown of the Supreme Court’s decision to block $10k loan forgiveness, you also had to start paying your student loans again, after more than two years of administrative forbearance. You got to hear in the news about student loan servicers dropping their portfolios rather than face government scrutiny, and even probably got phone calls and emails from scammers promising phony loan forgiveness schemes. Through all of this, thousands—if not millions—of borrowers have struggled with the return to monthly payments, either not being able to afford them, wading through servicer errors, or having to sit on hold for hours only to be given bad advice. In short: it’s been tough. 

Strength in Numbers: Student Loan Borrowers Standing Together

When you’re struggling financially, it can feel like you’re the only one, like you’re in an echo chamber despite the millions of other people going through the same slog. The problem is that we’ve been told for generations that you shouldn’t talk about money. I’ve been amazed at the number of friends that I talk to that never knew until they were adults that their family had struggled with money, and—looking back—realized that certain things their parents did were because money was tight, but they never wanted their children to know it. The reality, however, is that many of us are struggling, and many of us are feeling the squeeze because of student loan payments. Maybe the reason public opinion is so divided on student loan forgiveness is that there are many Americans who don’t realize that their physician, attorney, professor, or friend is impacted by student debt. Maybe the reason that the White House is taking so much action on student loans is that borrowers are finally breaking the taboo and are being honest with their friends and family about the impact that it’s having on both their financial and personal health.

If you’re doing it alone and struggling, talk to someone. If you’re not sure who, talk to your student loan professional—that’s what they’re there for! They can help you find a path forward, even if it’s eluded you thus far. Let them be your navigator, shake off the MOHELA woes, and chart your own course!