You will have options in how you make your payments, such as making payments online or having them automatically deducted from your checking account each month. There are also a variety of repayment plans designed to meet your individual needs, and your payment amount will depend on the plan chosen.

Repayment Choices

  • Pay by mail – If you make your payment each month by mailing a check to your servicer, make sure you have your account number listed in the memo section, the correct payment amount and always put it in the mail in plenty of time for it to be applied to your account so that you do not get charged late fees. It is a good practice to confirm that your payment has been received and applied before the due date in case your check has been lost in the mail so that you have time to pay over the phone or electronically.
  • Pay by telephone – Some servicers charge extra to take payments over the telephone even if you never speak to a customer service agent.  One advantage is that you will receive a confirmation number and are assured that the payment has been applied to your account as long as there are funds in your bank account.
  • Pay electronically – Electronic payment allows you two options: log in to your online account to make your payment each month or you can set up auto-debit where your monthly payment is drafted from your bank account each month. The advantage to electronic payments is that the transfer is immediate on the payment date.  Auto-debit or scheduled payments ensure that payments are never late or missed which make certain no late fees or finance charges/penalties are incurred.

Repayment Plans

Various repayment plans are available to help you manage your student loan debt. If you are interested in switching repayment plans, contact your student loan servicer for more information.

Repayment Option Information for Federal Student Loans