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).
Keep in mind this reduction remains in effect while you are actively participating in the Auto Debit program. Please note:
Apply for Auto Debit through your online
account and review the Auto Debit Authorization Agreement – Disclosure Statement for Recurring Auto Debit Payments for