I am looking for help or advice on the above. Any help or reassurance would be appreciated.
I refinanced my loans with Earnest. This was the best option given income and interest rates. Disbursement was sent on 3/26 so I called Mohela. After holding for quite a while the agent appeared uninformed and simply read off the previous payments I had made, which I can see in my own end. She stated there was no record of any other payments. She also could not provide me with any sort of timeline on how long Mohela takes to apply disbursed funds to my account. It doesn’t seem like she knew much about how refinancing and disbursements work at all.
I then called Earnest, who told me that the check was already sent in the date above and it had been cashed. So they are now going to start their own investigation so that I can received a proof of disbursement (the check being cashed). So while I’m waiting to hear back about this I’m spiraling about a missing quarter million dollars while I’m still responsible for paying my loans with both Mohela and soon Earnest too.
Does anyone have experience with Mohela and refinancing? How long does it take for them to post the payment to the account? I’m not sure who else I can contact to assist in tracking down the funds with Mohela? I had read about an ombudsman that I can contact so that will likely be my next step.
I think Mohela lost my $250K refinance disbursement
byu/tanrc1 inStudentLoans
Posted by tanrc1
2 Comments
Sometimes big checks take a while to post. Let earnest do their thing.
I’m so sorry this happened, $250k is a lot to lose! Experts here will have better advice I’m sure.