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 reduces the program's statutory interest rate by 1/4 of 1% (0.25) on loans held by the Michigan Finance Authority (MFA), as successor to Michigan Higher Education Student Loan Authority (MHESLA). The following educational loans are eligible as long as they are in a regular repayment status:

• Stafford under the Federal Family Educational Loan (FFEL) Program
• PLUS and GRAD PLUS under the Federal Family Educational Loan (FFEL) Program
• Consolidation under the Federal Family Educational Loan (FFEL) Program
• SLS under the Federal Family Educational Loan (FFEL) Program
• Michigan Alternative Student Loan (MI-LOAN®) Program

For additional information, please contact the MFA by email or by phone at 1-888-643-7521.

*All borrower benefits are subject to available funding