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No act of public service goes unpunished. The Missouri Higher Education Loan Authority (Mohela) mounted a successful legal challenge to the Biden Administration’s $400 billion student loan forgiveness. Now the Administration is dunning the student loan servicer for problems the government caused.
Education Secretary Miguel Cardona and Federal Student Aid Chief Operating Officer Richard Cordray said Monday they are withholding $7.2 million in payment to Mohela for allegedly failing to send timely billing statements to 2.5 million borrowers before their loan payments restarted in October after the three-and-a-half year pandemic pause.
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