Let’s say you make a payment on Friday and on Monday realize the payment has yet to post. Not knowing it can take 2-3 business days (not including weekends and holidays) for a payment to post you make another payment because you think your first one didn’t work. You then realize on Thursday that two payments have come out, what can you do?
You have three basic options. If you can afford to pay your account ahead you can let your extra payment pay for the following month. This is because when you make an extra payment, the additional amount goes towards future bills to not penalize you for paying extra. Or if you can afford that payment plus your regular monthly you can continue to make payments and just count that one as an extra payment. You will save on interest over the life of your loan and pay off your loan more quickly.
If you cannot afford the extra payment your other option is to unauthorize the payment or request a refund. If you request a refund it can take 2-3 months because it has to go through the US treasury. The more efficient option is to unauthorize the payment. To do so just go to your bank and make the request. When you make the request be sure you use the term unauthorize because if you do banks are required to unauthorize the payment and return it to your account. Depending on your institution, this can take various amounts of time to process.