Student Loan Servicing FAQs
Student Loan Servicing FAQs
Why is my account being transferred to SoFi?
Paying off student loans should never be a hassle—so we built best-in-class servicing our members, like you, deserve.
With new servicing from SoFi, you’ll soon access and manage your existing loans directly from SoFi.com and the SoFi app rather than MOHELA.
Where do I make payments?
Payments will depend on when your loan transfers. Loans will not be transferred all at one time. Borrowers will get notification of when their loans will be transferred to SoFi, and a few loans will stay at MOHELA.
If you are notified of your loan moving to SoFi, then you can make payments here.
If your loan has NOT been transferred to SoFi, then you will continue to make payments at MOHELA.
What if I have questions about my loan during the transition period?
MOHELA and SoFi are working together to ensure you have the best experience possible. If you receive a notification about your loan being transferred you can contact SoFi at (855) 456-SOFI (7634). Their Hours of Operation include:
Mon-Fri: 4 am to 10 pm, PT
Sat: 6 am to 8 pm, PT
Sun: 7 am to 5 pm, PT
If you do not receive a notification about your loan being transferred, you can continue to contact MOHELA with questions about your loan.
When can I begin making payments on SoFi?
Loans will not be transferred all at one time. Borrowers will get notification of when their loans will be transferred to SoFi and a few loans will stay at MOHELA.
If you are notified of your loan moving to SoFi, then payments would be made to SoFi using the following link (need link).
If your loan is not being transferred to SoFi, then you will continue to make payments at MOHELA using the following link (need link).
I’m on autopay. Do I need to take action and will I still receive a discount?
If your loan is transferring from MOHELA to SoFi, you will still receive the autopay discount.
There is no action needed if your autopay is deducted from your bank account.
But you will need to act if you are using a bill pay service through your bank or other third party. You’ll have to update the payee details to SoFi.
Either way, SoFi servicing will update your monthly payment with your autopay discount.
Where can I access my historical records, statements, and documents?
If you have an active loan, SoFi will be transferring all your information over to SoFi, where you will be able to access all historical records, statements, and documents.
If your loan is currently paid in full or charged off, then you will continue to reach out to MOHELA for information
Does this transfer affect my credit score, loan, the due date, or status of my loans (i.e., deferment or forbearance)?
No. The transfer will have no impact to your credit score, your loan’s terms and conditions, your due date, or the status of your loan.
After my loans get transferred, do I have to set up a new online account?
When you originally got your SoFi student loan, you created an account. You will be able to use the account that you originally created.
Talking points on setting up autopay and making a one-time payment when you have multiple loans.
When your loan(s) are transferred, you will be able to view all your loans on the Loans Overview screen.
You will then be able to set up autopay and make one-time payments on each of your loans separately.
We are working to build even more payment flexibility for borrowers who have multiple loans.
Do I have to set up a new online account after my loans transfer?
No. You will be able to use the account that you originally created when you got your SoFi student loan.
Does this have any impact on my current loan balance (principal and interest)?
No. Your balance and interest rate will not be impacted based on SoFi taking over primary servicing.
Will I receive multiple 1098-E’s?
Yes. Depending on interest paid you may get a 1098e from both MOHELA and SoFi.
For a 1098e to be sent by either servicer, you would have had to pay $599 or more in interest. If you have not, then you would need to call for the claimable interest paid through 2024.
Will the transfer affect my credit report or score in any way?
SoFi will now be the name associated with the tradeline at all bureaus. The process of transferring servicers is agnostic to credit data. Please read through the product terms and conditions for complete credit bureau reporting details.
Are there any new fees associated with the loan servicing transfer?
No. SoFi will not be charging any additional fees outside of what is outlined in your loan agreement.
Are there any new or additional services or benefits available to me?
Are there any new or additional services or benefits available to me?
Yes! You will notice a much different log in portal look and functionality that will include all your SoFi products in one place.
Your autopay discount will also now be visible by being discounted in your monthly payment.
How long will it take for this change to take place?
Your loan transfer will be based off the date in the notification that you should have received. You can expect SoFi servicing to have all of your loan details available on the portal and to an agent within 5 business days of the date mentioned.
When will this change be reflected on my credit report?
Once the transfer is complete, SoFi may report to the credit reporting agencies. Please read through the product terms and conditions for complete credit bureau reporting details.
