Learn About Payments
It's important to understand how your loan payments are allocated and applied. Every time you make a payment, it helps pay down your Current Balance.
Payments are typically applied first to Unpaid Fees, if any, then to Unpaid Interest, then to Unpaid Principal. If you have a FFELP loan in an Income-Based Repayment (IBR) plan, the payment goes first to Unpaid Interest, then to Unpaid Fees, and then to Unpaid Principal.
Your payment may be allocated and applied differently depending on whether you have a federal or private loan, the status of your loan, and if you have multiple loans that are combined into one Billing or Loan Group.
Ready to pay off your loan? You can see your loan payoff amount by logging in to your account and selecting Loan Details. You can also contact us to request a payoff statement.
Living Outside the U.S.?
We only accept payments in U.S. funds.
Some options available for making a payment from outside the U.S.:
- International money order in U.S. currency drawn on a U.S. Bank
- International money transfer that pays out in U.S. currency*
- Payment made from a U.S. currency account
- Payment made from a Canadian bank as long as the payment is in U.S. funds and the bank has a valid 9-digit ABA routing number
- SWIFT or wire transfer (fees associated)*
- Speedpay (fees associated)*
The Automated Clearing House (ACH) is the electronic payment system most commonly used for bank-to-bank transfers of consumer payments in the U.S. A bank account with an American Bankers Association (ABA) routing number is required for payment via ACH.
*This payment method is not available for loans owned by the U.S. Department of Education.