Once you pay the fixed monthly payment, any additional payments made will be applied to the principle amount outstanding. Making additional payments could shorten the total number of monthly payments however, they will not decrease the dollar amount of any future monthly payments.
Articles in this section
- How do I make payments?
- Can I change my due date?
- Why should I enroll in automatic payments?
- Can I make additional payments?
- How do I view upcoming payments and confirm a payment was received?
- Are there pre-payment penalties?
- If I want to pay more than the monthly payment or make additional payments, will those payments be applied to the principle?
- Is the interest paid on this loan tax-deductible?
- What if I am unable to make a payment?
- Where can I mail my payment?