Electronic Payment Savings (EPS) provides borrowers with an option for automated loan payments. Payments are automatically deducted from a checking or savings account. This affords the borrower with safe, reliable, and convenient payment services.

This feature results in a reduction of interest by 1/4 of 1% (0.25) on loans held by MHESLA, which include:

• Federal Stafford Loans
• Federal PLUS Loans
• Federal Consolidation Loans
• Federal SLS Loans
• MI-LOAN Program Loans

Using this interest rate reduction method speeds you on your way to the zero interest rate eligibility as described in the Michigan Students First program.

During periods when the interest rate on your loan has been reduced to zero percent, such as in the Michigan Engineering Incentive and Michigan Students First programs, the interest rate reduction does not apply as there is no interest being charged. However, electronic payment still affords the borrower with the same safe, reliable, and convenient service.

For additional information, please contact the Michigan Higher Education Student Loan Authority (MHESLA) by email or by phone at 1-888-643-7521.

*All borrower benefits are subject to available funding.