The Higher Education Loan Authority of the State of Missouri (MOHELA) is a leading provider of student loans and loan servicing, serving millions of borrowers nationwide. With recent developments in the higher education loan landscape, staying informed is crucial for students and loan recipients. This comprehensive article provides critical news and insights from MOHELA to empower you in making informed decisions about your student loans.
As per the latest updates from MOHELA, the following changes have been implemented:
Public Service Loan Forgiveness (PSLF)
MOHELA is a designated servicer for the PSLF program, which allows eligible borrowers to have their federal student loans forgiven after 120 qualifying payments while working in public service. Borrowers are encouraged to review the PSLF requirements and explore their eligibility to potentially benefit from this program.
Teacher Loan Forgiveness:
For teachers who work in certain low-income schools or educational service agencies, MOHELA offers the Teacher Loan Forgiveness program. This program allows teachers to have up to $17,500 of their federal student loans forgiven after completing five consecutive years of teaching.
The Higher Education Loan Authority of the State of Missouri (MOHELA) provides essential support and guidance to borrowers throughout their loan repayment journey. If you have any questions or concerns regarding your student loans, do not hesitate to contact MOHELA or visit their website for more information. By staying informed and making responsible decisions, you can effectively manage your student loans and achieve your financial goals.
Table 1: Federal Student Loan Limits for 2022-2023
Loan Type | Dependent Students | Independent Students |
---|---|---|
Direct Subsidized Loans | $3,500 - $12,500 | $5,500 - $20,500 |
Direct Unsubsidized Loans | $5,500 - $20,500 | $9,500 - $40,500 |
Table 2: Revised Income-Driven Repayment (IDR) Plan
IDR Plan | Payment Calculation |
---|---|
Revised Pay As You Earn (REPAYE) | 5% of your discretionary income |
Revised Income-Based Repayment (IBR) | 10% of your discretionary income |
Revised Income-Contingent Repayment (ICR) | 20% of your discretionary income or 10% of your total income, whichever is lower |
Table 3: Loan Forgiveness Programs
Program | Eligibility | Amount Forgiven |
---|---|---|
Public Service Loan Forgiveness (PSLF) | 120 qualifying payments while working in public service | Up to $17,500 |
Teacher Loan Forgiveness | 5 consecutive years of teaching in low-income schools | Up to $17,500 |
Perkins Loan Cancellation | 5 consecutive years of full-time teaching in a low-income school | 100% of the loan balance |
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