There are many ways to pay. However, the best way to pay your student loan bill is by direct debit. Request a direct debit. Once approved, you will receive a 0.25% reduction in rate! If direct debit doesn’t work in your current situation, compare the benefits of our other payment options and determine what is best for you.
Direct Debit Method
The automatic debit procedure establishes an electronic deduction from your check or savings accounts each month on the due date. As your loan payment is automatic, it will be applied on the due date, even if your term ends on a weekend or holiday.
Benefits
- Direct debit is the most convenient way to repay your student loan on time and monthly.
- Domiciliation is free. And you will receive a 0.25% interest rate reduction if your application is approved.
- Set up an electronic withdrawal from your check or savings account each month on the same date.
- Since repayment of your loan is automatic, it is never too late as long as the funds are available.
Payment period
A direct debit will be credited to your account on payday, even if the due date is a weekend or a holiday. This is usually posted to your account within two business days of the due date. We may credit your payment to your account a few days before you can view it online under MyFedLoan Account Access.
Make changes online:
With Account Access, your online account management tool, we make it easy to change your direct debit service. In Account Access, you can:
Change your bank details:
- Update additional funds and allocate them to specific loans
- Add a loan that is not included in your existing debit agreement
- Block your direct debit service
Additional Payments:
You have the option of making additional payments online or requesting in writing that we apply additional payments to certain loans. If you pay more, you can place your prepaid loans.
