Your student loan repayment options are different depending on the type of loan, the promissory note, the lender, and other factors.
As with any bill, it's important to pay on time. But if you can't, please contact us – we can help you explore your options.
Beware of Fraud
Don't fall victim to companies who promise to fix your student loans if you give them control over your account. Don't pay to enroll in a payment plan that's available for free to all borrowers with federal student loans.
Federal Student Loan Options
Federal student loans, which include Direct and FFELP loans, are made through U.S. Department of Education (ED) loan programs. Federal regulations provide options including Income-Driven Repayment (IDR) plans, other repayment plans, deferment, forbearance, and loan forgiveness.
If you don't know which types of loans you have, log in to the National Student Loan Data System.
Private Student Loan Options
Private student loan terms and conditions vary.
Different repayment options are available based on a loan's promissory note and the loan owner's policies.
Some repayment programs are described in a loan's promissory note. Additional options may also be available at the lender's discretion.
Taxes & Interest
It's important to understand who sets your interest rate, how your interest is calculated, and the fees associated with your loan. The longer you take to pay off your loan, the more interest will accrue, increasing the amount you will be required to repay.
In addition to helping our student loan customers achieve successful loan repayment, we are committed to industry standards when it comes to relaying important information to consumer reporting agencies.
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
- Western Union – 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.
Avoiding Delinquency and Default
We understand life sometimes takes unexpected turns. That's why our representatives can help you identify options and solutions.
If you're experiencing problems making your loan payments, please contact us.
Have you already defaulted on your student loan? Please contact us — we may still be able to help you.