Apologies in advanced for the lengthy post. I tried my best to type out my situation.

    I have a loan for a total of $45,000 for school that is dispersed to my account every 3 months: Once in Jan, once in march, and once in June. Each 3 months, 10,000 goes towards school and 5000 goes to my account for living expenses.

    I have been sending money that I do not use back to MOHELA because according to their website "Payments made within 120 days of a most recent loan disbursement are called Cancellation Payments. These payments are reflected as an amount cancelled from the original disbursed amount for that loan." So, if I send back 5000 dollars back to MOHELA 5 days after the January disbursement date, then that 5000 dollar is subtracted from the principal and the interest accrued is dropped.

    My problem

    Around 60 days after my June disbursement, I sent back 3000 dollars that I realized would go unused. However, MOHELA counted this payment as a regular old monthly payment that is paid towards the principle and the interest. In other words, this was not counted as a cancellation payment. I have filled out a request for them to count this as a cancellation payment and have talked to numerous people from MOHELA. All have told me it takes 120 business days for this application to be reviewed. However, I have received no updates and my payment still is not reflected as a cancellation payment. I have no idea what to do and could really use some guidance.

    Cancellation Payment Trouble GRAD PLUS loan (MOHELA)
    byu/Holiday_Painting_653 inStudentLoans



    Posted by Holiday_Painting_653

    1 Comment

    1. It shouldn’t take them this long to adjust the payment. Email them rather than call and ask for it to be escalated. If that doesn’t work email TISLA and we can try and help. Give them sixty days from your email

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