Important Announcements

On Oct. 30, 2025, the U.S. Department of Education published final Public Service Loan Forgiveness (PSLF) program regulations that will be effective on July 1, 2026. We'll provide updates when the regulations are implemented. For now, there are no impacts to borrowers, payment counts, or discharges.

Visit StudentAid.gov/publicservice for more information about PSLF and current program requirements.

For more information about employer eligibility, visit StudentAid.gov/pslf/employer-search.

To apply for PSLF, use the PSLF Help Tool at StudentAid.gov/pslf.

A federal court issued an injunction preventing the U.S. Department of Education from implementing the Saving on a Valuable Education (SAVE) Plan and parts of other income-driven repayment (IDR) plans.

Thanksgiving

In observance of Thanksgiving, we will be closed for business on Thursday, November 27. Our offices will reopen during normal business hours on Friday, November 28.

Due to the federal holidays, payments may take up to five business days to post to your account. This delay will not change the effective date of your payment.

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Important Announcements Contact Us

Saving and Budgeting

Planning your budget is the first step in managing your expenses and saving for the future. It’s a simple concept, but often easier said than done: spend less than you make.

Step 1: Identify and evaluate how you currently spend your money.

  • Do you make impulse purchases?

  • Do you spend more than you make?

  • Do you have costly habits?

Step 2: Within the constraints of your annual income, set short-term and long-term financial goals and determine how much you can allocate to each of the following:

  • Expenses (e.g., Housing, transportation, food, entertainment, personal health, debt payments)

  • Savings (e.g., emergency fund, retirement)

Step 3: Track spending to make sure you are meeting your goals.

  • You may want to use budgeting software or online services to help automate some of your tracking.

If your student loan payment is greater than 10 or 15 percent of your income, contact MOHELA to explore a different repayment option.

As you get more comfortable monitoring your expenses, you may need to modify your budget. For example, if your income isn’t keeping up with your expenses and savings goals, some of your goals may be unrealistic and you may need to take action to slash your expenses.

You may be able to reduce expenses by doing some of these:

  • Set your thermostat lower or higher depending on the season

  • Turn off lights when you leave a room

  • Reduce your cable services

  • Brown-bag your lunch

  • Don’t smoke

  • Reduce your alcohol consumption

  • Use coupons

  • Entertain on a budget (rent movies, invite friends over for a potluck, visit free local attractions)

  • Take advantage of early bird and happy hour specials

  • Make homemade gifts