Benefits of Automatic Payments
- You will save money! When you’re enrolled in autopay, you will qualify for a 0.25% interest rate reduction.
- You’ll never miss a payment again!
- Automatic payments make budgeting easy! Your monthly payment will be drawn on the same day, each month, allowing you to manage your finances with ease.
- By allotting an additional amount, you can pay off your student loans sooner!
- Signing up for automatic payments is free!
How to apply for automatic payments
You can sign-up for automatic payments directly through your online account. When applying for automatic payments, you will need to be prepared to provide your banking information.
Your online request will be processed automatically; however, if you’ve already been billed for the current month, your automatic payments will not begin withdrawing until your next due date.
Automatic Payments Basics
Your online request will be processed automatically; however, if you’ve already been billed for the current month, your automatic payments will not begin withdrawing until your next due date. Generally, bills are sent out 21 days prior to your due date. If you’ve already received your bill, please make a manual payment to cover your outstanding bill. Once you’re enrolled in Autopay, your online portal will indicate your upcoming direct debit date, and the amount to be withdrawn.
When you’re enrolled in autopay and your account is in an active repayment status, you will receive a 0.25% interest rate reduction on all of your loans. This could save you hundreds, even thousands over the life of the loan!
Please be advised, during any postponement period, including forbearance and deferment time, the reduction will be temporarily suspended.
Absolutely! You can specify an additional amount to be withdrawn when applying online. Please be aware that the additional amount will be withdrawn every month. If you’re looking to just make an additional one-time payment, we recommend scheduling a manual payment for the extra amount you’d like to pay that month.
Your payment will be withdrawn on the next business day, but will always be posted to our system as of the due date. Your payment will never be drawn before your due date.
You must allow at least three business days prior to your payment due date in order to stop an automatic payment from being drawn.
For due dates that fall on a weekend, we must still receive a three business days notice in order to successfully cancel the payment.
Unfortunately, the electronic withdrawal process prevents us from altering or canceling automatic payments within three business days of the payment due date. If you need to cancel a payment after this time has passed, we encourage you to contact your bank and request a one-time stop payment.