ST. LOUIS, MO--(Marketwire - Sep 24, 2012) - The Higher Education Loan Authority of the State of Missouri (MOHELA) has successfully completed the rigorous audit in conformity with the Statement on Standards for Attestation Engagements (SSAE) No. 16 Service Organization Controls (SOC) 1. The SSAE 16 audit was performed by an independent auditor who examined MOHELA's federal loan servicing system and the suitability of design and operating effectiveness of its processes, procedures and controls. Compliance with the SSAE 16 audit indicates MOHELA's commitment to managing sensitive borrower data in a secure and responsible manner.
MOHELA was the first servicer in the not-for-profit (NFP) sector to receive a federal contract with the Department of Education (DOE) to service Federal Loans. Now, MOHELA has become one of the first NFP servicers to comply with the SSAE 16 requirement in the DOE contract. SSAE 16 outlines the standards for business controls with service organizations. Successfully completing quarterly audits for the industry standards ensures that federal assets and borrower accounts are being serviced by MOHELA in absolute compliance with federal requirements. It also demonstrates MOHELA's stewardship of taxpayer funds.
"This documented audit demonstrates that MOHELA has the necessary controls in place and that the controls are operating effectively to provide excellent service to student loan borrowers," said Raymond H. Bayer, Jr., MOHELA's Executive Director. "The development and management of processes that allowed us to successfully complete the SSAE 16 audit is a testament to the hard work and dedication from everyone at MOHELA."
MOHELA (www.MOHELA.com) is one of the largest student loan companies in America and is dedicated to easing the burden of financing higher education in Missouri while providing exceptional student loan services. As a leading student loan servicer managing more than $18 billion in assets, MOHELA brings more than 30 years of experience assisting students, families and schools with servicing needs of their student loans. In 2011, MOHELA became the first servicer in the not-for-profit sector to receive a federal contract with the Department of Education to service loans as part of the Federal Loan Program. Connect with MOHELA on Facebook, Twitter, LinkedIn, YouTube, Pinterest and Google+.