Millions of borrowers didn’t receive their student loan bills on time, a mistake that led thousands of borrowers to miss their payments, the Education Department said Monday.
Because of that error, the department won’t pay the Missouri Higher Education Loan Authority, known as MOHELA, all of the money it’s due for the month of October. Withholding the $7.2 million is a significant step for the agency, which is grappling with a rocky restart of student loan payments following a three-year pandemic pause.
