Auto Debit 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 to be electronically debited from your banking
institution may qualify you for a 0.25% interest rate reduction. Not all lenders offer the 0.25% interest rate reduction
(subject to conditions). NOTE: The following loan statuses are ineligible for Auto Debit:
Keep in mind this reduction remains in effect while you are actively participating in the Auto Debit program. Please note:
You can apply for Auto Debit generally at any time. However, for MOHELA to enroll you in Auto Debit, your loan(s) must have an active repayment schedule.
How your application is processed depends on your loan type.
Apply for Auto Debit through your online
account and review the Auto Debit Authorization Agreement – Disclosure Statement for Recurring Auto Debit Payments for