How to close Mohela student loan account? Need step-by-step advice
Hey everyone, I'm trying to close my student loan account with Mohela. Has anyone gone through this process before? What should I expect when I talk to an agent? I'm a bit nervous about making sure everything is done correctly.
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Thais Soares
I closed mine last year. Make sure you ask for a payoff statement first. That'll give you the exact amount you need to pay to close it out. Also, double-check that all your payments have been applied correctly before you start the process.
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Fiona Gallagher
•Thanks for the tip! Did you have to wait long to get the payoff statement?
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Thais Soares
•Nah, they usually send it pretty quick. I got mine in like 2 days via email. Just make sure you specify you want it for closing the account.
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Nalani Liu
•This is solid advice. I wish I'd known to ask for a payoff statement when I closed mine. Would've saved me a headache later on 😩
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Axel Bourke
Ugh, Mohela. Good luck dealing with them. Took me forever to get someone on the phone when I was trying to close my account. 🙄
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Aidan Percy
•For real! Their hold times are insane. I found a way around it tho. Used this site called claimyr.com - it's a calling tool that dials the phone menu, stays on hold, and then calls you when a live agent picks up. Costs $20 but saved me hours of frustration. Here's a video about it: https://youtu.be/Ize0EkN4HDI
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Fernanda Marquez
•Wait, seriously? That sounds too good to be true. Does it actually work?
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Aidan Percy
•Yep, worked like a charm for me. Saved me from pulling my hair out on hold music lol. Worth every penny imo
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Norman Fraser
•Idk man, paying to talk to customer service? Seems kinda sketchy to me 🤔
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Aidan Percy
•I get the skepticism, but when you factor in the time saved and stress avoided, it's worth it. Plus, it's a legit service - not some scammy thing.
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Kendrick Webb
Make sure you get EVERYTHING in writing. I thought I closed my account last year, but they 'forgot' to process it and I ended up with late fees. Don't trust them to do anything without documentation.
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Hattie Carson
Here's a step-by-step guide based on my experience: 1. Request a payoff statement 2. Make sure all payments are up to date 3. Call and inform them you want to close the account 4. Pay the remaining balance (if any) 5. Ask for a confirmation number or reference for the closure 6. Request a written confirmation of account closure 7. Follow up in a week to ensure it's actually closed 8. Keep all documentation for at least a year Hope this helps! Let me know if you have any questions.
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Fiona Gallagher
•Wow, this is super helpful! Thank you so much for laying it all out like this. I'll definitely follow these steps. 💯
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Destiny Bryant
•This guy loans 👆 Seriously tho, great advice. Especially the part about following up and keeping docs.
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Dyllan Nantx
am i the only 1 who thinks its ridiculous we gotta jump thru all these hoops just to close an account? 🤡 the system is broken af
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TillyCombatwarrior
•Preach! 🙌 It's like they make it complicated on purpose to keep us in debt.
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Anna Xian
•Fr fr. And don't even get me started on the interest rates 😤
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Jungleboo Soletrain
Quick question - does closing the account affect your credit score? I've been thinking about doing this too but I'm worried about the impact.
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Rajan Walker
•It can have a small impact, but usually it's not significant if its your only loan. It might actually improve your debt-to-income ratio.
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Jungleboo Soletrain
•Oh that's good to know, thanks! Guess I'll take the plunge then.
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Nadia Zaldivar
Anyone else feel like they need a law degree just to understand all this student loan bs? 😅 Good luck OP, hope it goes smooth for you!
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Sean Matthews
Just went through this process myself a few months ago! One thing I'd add to the great advice already given - when you call, ask them to send you a "zero balance letter" or "loan satisfaction letter" after everything is processed. This is different from just closing confirmation and officially documents that your loan has been paid in full. You'll want this for your records, especially if you ever need to prove the loan was satisfied (like for future mortgage applications). Also, don't be surprised if it takes 30-60 days for the closure to fully reflect on your credit report. Mohela can be slow with reporting updates to the credit bureaus.
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Omar Zaki
•This is really helpful additional info! I hadn't thought about the zero balance letter - that sounds super important to have. Quick question: did you have to specifically request this letter or did they automatically send it once everything was processed? And yeah, good point about the credit report timing. I'll make sure to check back in a couple months to verify it's all updated correctly.
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Paloma Clark
•@Sean Matthews Thanks for mentioning the zero balance letter! That s'exactly the kind of detail I was worried about missing. When you requested yours, did you have to follow up multiple times or did they send it pretty promptly after closure? I m'definitely going to ask for this when I call them.
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Vincent Bimbach
•@Sean Matthews This is super solid advice! I definitely wouldn t'have thought to ask for the zero balance letter specifically. When you went through the process, did they try to give you any pushback or make it seem like closing the account was complicated? I m'mentally preparing myself for potential runaround tactics since I ve'heard mixed things about their customer service.
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Adaline Wong
I'm actually going through this exact same process right now! Been putting it off for months because I was intimidated by all the potential complications. Reading through everyone's advice here is giving me the confidence to finally make that call. Quick question for those who've been through it - about how long did the whole process take from start to finish? Like from when you first called to when you had everything completely wrapped up with documentation? Trying to plan this out so I can stay on top of following up appropriately.
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Mia Alvarez
•Same boat here! I've been procrastinating on this for way too long 😅 From what I'm seeing in this thread, it sounds like the actual process might take a few weeks once you get started - between getting the payoff statement, making the final payment, and waiting for all the confirmations. But honestly, reading everyone's step-by-step advice makes it seem way less scary than I thought it would be. We got this! 💪
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Mei Wong
Just want to echo what everyone else is saying about getting everything in writing! I made the mistake of trusting a phone conversation when I closed mine and had to deal with phantom charges months later. Also, pro tip: if you're paying off the balance, consider doing it via certified check or bank transfer so you have a clear paper trail. Regular online payments sometimes take a few days to process and you don't want any confusion about timing. The whole process took me about 3 weeks from start to finish, but that included some back-and-forth because I didn't follow all the steps properly the first time. Learn from my mistakes! 😊
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Isla Fischer
•This is exactly the kind of real-world experience I needed to hear! The certified check tip is brilliant - I definitely would have just done a regular online payment and potentially run into timing issues. 3 weeks doesn't sound too bad if you're prepared and follow all the steps correctly. Thanks for sharing what went wrong the first time so the rest of us can avoid those same pitfalls! Did the phantom charges situation eventually get resolved, or was that a major headache to deal with?
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Harper Collins
One more thing to add that I learned the hard way - make sure to check if you have any autopay discounts that might affect your final balance! When I closed my Mohela account, I had a 0.25% interest rate reduction for autopay that I totally forgot about. The payoff amount changed slightly when I cancelled autopay to make the final payment, which caused some confusion. It wasn't a huge deal, but it delayed things by a few days while we sorted it out. Just something to keep in mind when you're getting that payoff statement - ask them to factor in any autopay changes if you're currently enrolled in that program.
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LilMama23
•Oh wow, that's such a good catch! I never would have thought about the autopay discount affecting the final balance. That's exactly the kind of detail that could trip someone up if they're not prepared for it. Did you end up having to get a new payoff statement once you cancelled the autopay, or were they able to just adjust the amount on the spot? This whole thread is turning into a masterclass on loan closure - so many little details that could cause headaches if you don't know about them ahead of time!
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