The pursuit of higher education is a transformative journey that empowers individuals to reach their full potential. However, financial constraints often pose a significant hurdle to aspiring students. The Higher Education Loan Authority of the State of Missouri (MOHELA) stands as a beacon of hope, providing accessible and affordable financing solutions that unlock educational dreams for countless Missourians.
MOHELA's Inspiring Mission
MOHELA is a non-profit organization established in 1981 with a unwavering commitment to expanding educational opportunities in Missouri. As the second-largest student loan servicer in the nation, MOHELA has a proven track record of supporting students and families throughout their higher education journeys.
Effective Strategies
Common Mistakes to Avoid
1. Determine Your Eligibility: Complete the FAFSA to assess your eligibility for financial aid programs.
2. Explore Financing Options: Research and compare MOHELA loan options to find the most suitable ones for your situation.
3. Complete the Loan Application: Submit a loan application to MOHELA directly or through your educational institution.
4. Manage Your Loans Effectively: Make regular payments, track your loan balance, and keep up with loan servicer communications.
5. Explore Repayment and Forgiveness Options: Determine which repayment plan works best for you and explore potential loan forgiveness or discharge programs.
1. What are FFELs and Direct Loans?
2. How do I make payments to MOHELA?
You can make payments online, by phone, or by mail. MOHELA provides convenient automatic payment options to ensure timely payments.
3. What is the difference between consolidation and refinancing?
4. Am I eligible for loan forgiveness?
Eligibility for loan forgiveness depends on your specific loan type and your profession. Explore programs such as Public Service Loan Forgiveness and Teacher Loan Forgiveness.
5. What if I need help managing my student loans?
MOHELA offers a range of support services, including loan counseling, repayment assistance, and financial hardship programs.
6. How do I contact MOHELA?
Unlock your educational dreams with the Higher Education Loan Authority of the State of Missouri. Visit MOHELA's website or contact their team of experts to explore financing options, manage your loans with confidence, and navigate the path to higher education success.
Loan Type | Description |
---|---|
FFEL Stafford Loans | Loans for undergraduate and graduate students. |
FFEL PLUS Loans | Loans for parents and graduate students. |
Direct Subsidized Loans | Loans for undergraduate students with financial need. |
Direct Unsubsidized Loans | Loans for undergraduate and graduate students with no financial need requirement. |
Direct PLUS Loans | Loans for parents and graduate students. |
Plan | Description |
---|---|
Standard Repayment Plan | Fixed payments over 10-30 years. |
Graduated Repayment Plan | Payments start low and increase gradually over 10 years. |
Extended Repayment Plan | Payments over 10-25 years for loans above $30,000. |
Income-Driven Repayment (IDR) Plans | Payments based on your income and family size. |
Program | Eligibility Requirements |
---|---|
Public Service Loan Forgiveness | Work in certain public service jobs for 10 years. |
Teacher Loan Forgiveness | Teach in a low-income school for 5 years. |
Perkins Loan Cancellation | Work in certain professions, such as teaching, nursing, or social work. |
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