[BREAKING] @AFTunion @theSBPC have accused student loan giant @MOHELA of illegal student loan servicing, demanding the company end its scheme to block Biden's effort to #CancelStudentDebt.
We should #cancelMOHELA instead.
We should #cancelMOHELA instead.
https://twitter.com/theSBPC/status/1579865646367903744
Today's action comes 24 hours before right-wing Missouri @AGEricSchmitt heads to federal court on behalf of @MOHELA, asking a judge to halt debt cancellation for 40M Americans.
The injury MOHELA allegedly suffered?
"Imminent loss of revenue" because millions are debt-free.
The injury MOHELA allegedly suffered?
"Imminent loss of revenue" because millions are debt-free.
This is, plainly put, un-American.
Imagine if a military contractor like Raytheon or General Dynamics ran into federal court because their executives opposed America's promise to send weapons to Ukraine.
We don't let federal contractors dictate public policy for good reason.
Imagine if a military contractor like Raytheon or General Dynamics ran into federal court because their executives opposed America's promise to send weapons to Ukraine.
We don't let federal contractors dictate public policy for good reason.
Unfortunately for MOHELA, this scheme runs headlong into California's Student Borrower Bill of Rights.
This 2020 law bans companies like @MOHELA from substantially interfering with borrowers "right to...loan forgiveness" under federal law.
That's exactly what happened here.
This 2020 law bans companies like @MOHELA from substantially interfering with borrowers "right to...loan forgiveness" under federal law.
That's exactly what happened here.
Business at @MOHELA is booming!
The company's portfolio has *doubled* in just one year, after cutting deals with banks like @SoFi and winning big federal contracts from @usedgov.
The only thing growing faster than MOHELA's business is the number of complaints from customers.
The company's portfolio has *doubled* in just one year, after cutting deals with banks like @SoFi and winning big federal contracts from @usedgov.
The only thing growing faster than MOHELA's business is the number of complaints from customers.
Anyone who has a loan with @MOHELA knows it is a mess.
Borrowers all over the internet tell stories about hours-long wait times, lost paperwork, bad information, and months-long processing delays.
Of course MOHELA is worried about "compliance costs"-- it can't follow the law!
Borrowers all over the internet tell stories about hours-long wait times, lost paperwork, bad information, and months-long processing delays.
Of course MOHELA is worried about "compliance costs"-- it can't follow the law!
California law requires borrowers to fire a warning shot before hauling a company like @MOHELA into court.
Today, @theSBPC and @AFTunion fired that shot, giving MOHELA 45 days to end its scheme to block debt cancelation or face a lawsuit.
Today, @theSBPC and @AFTunion fired that shot, giving MOHELA 45 days to end its scheme to block debt cancelation or face a lawsuit.
.@MOHELA now has three options:
1⃣ Drop its sham lawsuit to block debt cancellation for 40 million Americans
2⃣ Immediately pay California student loan borrowers more than $55 BILLION
3⃣ Face a lawsuit seeking to recover 3x the damages caused by MOHELA's abuses-- >$175 BILLION
1⃣ Drop its sham lawsuit to block debt cancellation for 40 million Americans
2⃣ Immediately pay California student loan borrowers more than $55 BILLION
3⃣ Face a lawsuit seeking to recover 3x the damages caused by MOHELA's abuses-- >$175 BILLION
Tomorrow, a judge will consider whether to block debt relief for 40 million people at the request of @MOHELA's lawyer, right-wing @AGEricSchmitt.
It will stream live @ 10:30AM central:
youtube.com/channel/UCIWD5…
We'll be watching. You should too.
#cancelstudentdebt #cancelMOHELA
It will stream live @ 10:30AM central:
youtube.com/channel/UCIWD5…
We'll be watching. You should too.
#cancelstudentdebt #cancelMOHELA
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