The Student Borrower Protection Center and AFT sent a series of letters on October 10, 2024 to the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), referring for prosecution the student loan giant, MOHELA, for requiring its customers to waive their rights when using websites MOHELA maintains as a service provider to banks and the federal government.
The letters highlight changes the company quietly made to its website terms of service to, among many things, prohibit student loan borrowers from:
- Sharing screenshots of information provided to them;
- Publicizing basic information provided by MOHELA related to the repayment of their student loans; and
- Sharing information about their accounts with anyone—potentially including government regulators and consumer protection officials.
Read the Letter to the CFPB: MOHELA Website Waiver Letter to CFPB
Read the Letter to the FDIC: MOHELA Website Waiver Letter to FDIC
Read the Letter to the OCC: MOHELA Website Waiver Letter to OCC
View a Compendium of MOHELA’s Terms of Use: MOHELA’s Terms of Use Across Multiple Websites
Read the Press Release: MOHELA Was Caught Lying to Student Loan Borrowers, and Now it is Quietly Forcing Them to Waive Their Rights