Auto Pay Interest Rate Reduction
Save yourself time and ensure your scheduled payments will be made on-time each month by setting up automatic payments. There
is no need to rush to the mailbox each month or worry about logging in to make a manual web payment. It’s free to apply!
Applying and being approved by MOHELA for scheduled automatic payments on your Direct Loan (DL) and federally-owned Federal
Family Education Loan (FFEL) Program loans to be electronically debited from your banking institution will qualify you for a
0.25% interest rate reduction Not all lenders offer the 0.25% interest rate reduction (subject to conditions).
Keep in mind this reduction remains in effect while you are actively participating in the Auto Pay program. Please note:
Apply for Auto Pay through your online
account and review the Auto Pay Authorization Agreement – Disclosure Statement for Recurring Auto Pay Payments for
complete information.