Principal of the loan with the highest interest rate. We automatically apply the excess amount to the:
If you make payments during your grace period, any paid interest will not be capitalized. You're responsible for interest that accrues during your grace period. Keep in mind that the refund will not be considered a monthly payment so upcoming monthly payments will still be due.įor a Direct subsidized loan taken out after Jand before July 1, 2014, interest is not subsidized (i.e., not paid for by the government) during the loan's grace period. If you want payments during this time to be applied as a refund, please send a written request asking for it to be treated as a refund.
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** For PLUS loans that are in repayment, have an active Payment Schedule and Disclosure, and have disbursements within 120 days, the payments will automatically be applied to interest and principal. * For loans in forbearance, any amount that goes to principal will be applied to the highest interest rate loans, beginning with unsubsidized loans. If you want it applied differently, please define your Excess Payment Preference.*
To the principal on the unsubsidized loan with the highest interest rate. Your payment will be applied in this order: 
You make a payment after 120 days from the disbursement date on any of your loans. If we can't determine how you intend to apply a payment, we will apply it proportionately according to its share of the whole-to all of your accounts. If you have multiple accounts and send a check as payment, it's important for you to identify to which account the payment should be applied.
An account can also have a single loan in it.Įach account has a separate payment amount that applies to the loans in that account. For example, with two Direct loans and two Grad PLUS loans, you will have two accounts. Or, if you have four loans of two different types, you'll have two accounts with loans in each. Remember, the interest rates can be different. If you have four loans of the same type, you'll have a single account with four loans and one payment. The interest rate on loans in an account can be different. To reduce the number of payments you have to make each month, we group loans into accounts based on the loan type. Most students have multiple loans-one or more for each year of school. This topic goes into detail about how we apply payments to an account and your options to have payments applied differently. This can be done for just one excess payment or for all future excess payments. If you have a preference as to where the excess is applied, define your Excess Payment Preference. Note: If you're in school, grace, or deferment, after outstanding interest for all loans has been paid, it will be applied to the unsubsidized loan with the highest interest rate. Principal of the loan with the highest interest rate. We automatically apply excess amounts to: However, when it comes to excess payments (paying more than is due), you have more flexibility. Did you know there are rules in your student loan agreement that all servicers are required to follow when applying payments to your loan? The rules require that a payment be applied first to outstanding interest, and any remaining amount is applied to the principal balance.
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