r/StudentLoans • u/RealWheelsMG • 1d ago

Rant/Complaint SAVE Plan and Accruing Interest Solved? (MOHELA)

(TLDR BELOW) So I finally got in contact with someone at Mohela after calling at open (8am EST) and finally getting an “answer” at 1045M EST.

Now, I explained how I was on the SAVE plan and received a letter from MOHELA stating no interest would accrue on my account (it did). The lady I talked to sent me to an advisor (another hour wait) and the advisor told me the following: MOHELA is aware of the issue, they stated they will correct it, and any additional payments made during this time will be negated from the balance before the interest was wrongly applied. I hope this helps someone as I’ve seen posts on this issue.

Now side note, I did record the call, I’ve downloaded and saved all correspondence, and check back regularly.

TLDR: Mohela knows interest is accruing on SAVE plans when it shouldn’t, they don’t know when it will be fixed but, according to them, it will be fixed.

30 Upvotes

95% Upvoted

8 comments sorted by

9

u/alundi 1d ago

My account started to accrue interest in January 2025. I was confused, but others were having the same bug and didn’t worry.

Somehow, I managed to get to 120 payments and they were discharged shortly after 2/14–including the $1,000+ interest that had accrued. MOHELA literally invented $1,000+ dollars to be discharged that shouldn’t have existed. They’re thieves.

6

u/SumGreenD41 1d ago

lol sure

3

u/RealWheelsMG 1d ago

I said the same thing. Made sure to record that part 😭

3

u/TooSketchy94 1d ago

Appreciate you posting this.

Hoping it gets resolved.

I’ve got thousands of interest added to my account that shouldn’t be there. I’ll be checking regularly and collecting evidence but won’t be paying anything more until it’s resolved.

1

u/PepeSilviaConspiracy 1d ago

Thank you for posting. I've dreaded calling in and waiting on hold for hours to try and get to the bottom of it. I wish that had better visibility into the full accounting of all payments etc, like full balance sheet/accounting of all payments and interest.

1

u/c0mmander-in-queef 20h ago

Where did you see the interest accruing?

1

u/RealWheelsMG 14h ago

Total balance

2

u/honey_chunks 13h ago

Okay, this has been happening to me too. I just logged in and saw my balance had increased by $3000! Even though I’m technically in SAVE? I’m on Nelnet, so calling them to get this fixed… but I’m worried.