4 Things You May Not Have Known about Payments

1) You can make payments early

You don’t have to make your payments on the date they are due.  You are able to make your payments early any time you want during your billing cycle

2) You can make more than the minimum payment

You are not held to your payment amount.  You can always pay more than the minimum even if your payment is $0.00 on an Income Plan.

3) The higher payments you make, the more you will save in the long run

Once you pay the interest accrued on your loans, the remainder goes towards principal.  The lower the principal the lower the future interest.  As a result, when you pay more you save on interest in the long run.

4) You can make payments during a forbearance or deferment

Many people ask me, “If I make payments while on a forbearance or deferment will they think I can make payments and take me off of it.”  The answer is simply no.  You can make payments anytime while your account is on a forbearance or a deferment.