Auto Pay Interest Rate Reduction

Borrowers may log in to apply for Auto Pay.

Please note that cosigners are not currently eligible to set up autopay.

Applying and being approved by MOHELA to have automatic payments electronically debited from your bank account may qualify you for a 0.25% interest rate reduction.

Important Information about Auto Pay:

1. Your effective interest rate is reduced by 0.25% when participating in Auto Pay. So you will accrue less daily interest and reduce the amount you owe on your loan over time. The Auto Pay rate reduction is not included in the payment amount calculation.

2. Keep in mind this reduction remains in effect while you are actively participating in the Auto Pay program. For example, three consecutive payments returned due to insufficient funds will result in the removal of Auto Pay and the loss of the 0.25% interest rate reduction.

3. Any interest rate reduction from Auto Pay will be removed during a periods in which you do not use Auto Pay. Automatic Payments will resume at the end of your forbearance.

4. If you make additional payments, your Auto Pay will continue to withdraw your regular amount due each month plus any additional amount you have requested.