U.S. Secretary of Education Miguel Cardona and Federal Student Aid (FSA) Chief Operating Officer Rich Cordray issued the following statements on actions taken by the U.S. Department of Education (Department) after student loan servicer errors were found by the Department. Recently, the Department found that MOHELA failed to meet its basic obligation by failing to send billing statements on time to 2.5 million borrowers – some within only seven days of their payment date – and over 800,000 borrowers being delinquent on their loans as a result.
