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PAYMENT ALLOCATION
 

Standard Payment Allocation

Your payment will be applied first to any applicable late fees, then to interest and then to your principal balance.

Accounts that are on the Income-Based-Repayment Plan (IBR).

Your payment will be applied first to interest, followed by any applicable fees and then to your principal balance.

Paying more than your Total Amount Due

FFEL loans

If you pay more than your Total Due amount for any account, your due date will advance for as many monthly installments as your payment covers, unless you provide special instructions on how you would like your payment distributed. If the excess is less than another full monthly payment amount, it will go toward your principal balance. Depending on when your payment is received, and the status of your account, if the excess amount is less than another full monthly installment amount, the additional amount may or may not decrease your next monthly installment amount due.

Interest will continue to accrue while you are prepaid if no payments are made until your next due date.

If your account is prepaid, you will not receive a monthly bill until your next payment is due, but you may periodically receive other notices regarding your account.

If you are enrolled in the ACH Checkmate IITM automatic withdrawal program, your payments will continue to draft on your monthly due date regardless of any prepayments you make via ExpressPaySM online or over the phone.

Private Loans

If you pay more than your Total Due amount for any account, your due date may advance for as many monthly installments as your payment covers, unless you provide special instructions on how you would like your payment distributed.

If you are enrolled in the ACH Checkmate IITM automatic withdrawal program, your payments will continue to draft on your monthly due date regardless of any prepayments you make via ExpressPaySM online or over the phone.

Making a Partial Payment

If you pay less than your Total Due amount, your partial payment will be distributed first to any late charges, then to interest and then to principal. Funds will go toward any past due amount before being applied to the current amount due.

Late Fees

The amount of late charges is based on a percentage of your monthly installment amount due but not paid. The percentage varies depending on your loan type and lender.

For FFEL loans, late charges may be assessed on your account(s) if no payment is received within 15 days after your due date.