SoFi is changing student loan servicers from MOHELA to SoFi. The following information will help you understand more about this coming migration process:
Credit
- Your credit report will no longer say MOHELA and instead will say SOFI.
- Your credit score will not change.
Account Information
- You will be able to access information regarding your student loan and pay your student loan bill by logging into your SoFi account on www.sofi.com or through the SoFi app.
- You will receive a letter at a later date that will list your new account number.
- At this time, you are still to call MOHELA regarding your account specifics, as migration has not yet begun.
Payments
- Up until now, you have made your payments to MOHELA who processes these payments on behalf of SoFi. Once migration happens, payments will be received and processed by SoFi.
- You will receive a new billing statement from SoFi approximately three weeks before your next payment is due.
- After the migration, any payments made to MOHELA will be forwarded to SoFi for 120 calendar days. After this, payments must be made to SoFi.
Autopay
- If you are currently enrolled in autopay, this service will continue. No additional steps are needed from you at this time. In addition to this, autopay will now also decrease your monthly payment!
- If your automatic withdrawals include an extra amount to be paid to your loan, you will need to set this up again via your SoFi account either through www.sofi.com or the SoFi app once your student loan has transferred servicers.
- If you are using a bill pay service through your bank of choice, or if a third party makes payments on your behalf, you will need to update the payee, new account (customer) number and other details to SoFi.