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 payment
online. Itβs free to apply!
Enrolling in Auto Pay means we will automatically withdraw your monthly payment each month from a bank account
you designate. This also provides an interest rate reduction benefit of 0.25% . Auto Pay saves time and saves
you money by lowering your interest rate.
Keep in mind this reduction remains in effect while you are actively participating in the Auto Pay program.
Please note:
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During periods of deferment or forbearance, Auto Pay will not be in effect and you will not receive the
0.25% interest rate reduction during these periods. Auto Pay will resume at the end of your deferment or
forbearance, as will the 0.25% interest rate reduction. You will receive a monthly payment reminder at least
21 days prior to your due date.
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Auto Pay will be removed if three consecutive payments are returned due to insufficient funds, this will
result the loss of the 0.25% interest rate reduction. (Other conditions may apply.)
Apply for Auto Pay through your online
account and review the Auto Pay Authorization Agreement
for complete information. Please be advised, per Section 2 of the Auto Pay Authorization Agreement, MOHELA is not
able to apply an additional withdrawal amount (more than your monthly payment amount) on your behalf. To apply an
additional withdrawal amount, you will need to edit your agreement through your online account. After logging in,
select "Payments and Billing" from the top menu. Then, select "Auto Pay", enter your desired Requested Auto Pay
Amount for each loan, select "Preview", and then "Submit". Any additional withdrawal amount applied to your
Auto Pay Agreement will continue to be withdrawn until you notify us to make a change.