Maximize your savings on interest charges
When You’re paying off your student loan, every little bit helps. One way to hold
down your costs is to make interest payments while you're still in school. If you can
afford it, paying the interest as it accrues can reduce what you owe in the long run.
Contact us to find out what your daily interest accrual is and start making interest
payments before your loan enters repayment. Making even small payments can
reduce or even prevent interest capitalization, and that can save you thousands of
dollars over a 10-year repayment term.
When your loan enters repayment, pay more than your scheduled monthly
payment if you can. The more money you’re able to put toward your loan, the
faster you’ll pay it off—and the less you'll pay in the end.
If you want to jump-start your student loan repayment, make sure that your extra
payments are applied to make the maximum impact. An extra payment is any
amount that is in excess of your regular scheduled monthly payment.
Contact us to
provide specific instructions for applying your extra payments.
The best way to pay off your student loans and keep your total costs of borrowing as
low as possible comes down to the following strategies:
- Enroll in automatic payments to qualify for an interest rate reduction
- Make payments when you are able, even when not in repayment
- Make more than the monthly minimum payment
- Request that extra money be applied to your highest cost loan
- Regularly check your progress