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Payments
Frequently Asked Questions
Payment FAQs: Everything You Need to Know
Managing your loan payments shouldn’t be confusing. This FAQ covers key details about payment timing, late fees, and early payoff options so you can stay on top of your account.
Payment Policies & Guidelines
Understanding how payments are processed can help you avoid late fees and manage your loan effectively. Here, we answer common questions about due dates, partial payments, and early payoff options.
When are late fees assessed?
Late fees are assessed after your late fee grace period has expired. You can find the specific grace period outlined in your loan documents. Additionally, your Account Statement includes the date a late fee will be applied.
Are partial payments allowed?
Yes, partial payments are accepted. However, please note that partial payments are placed into a reserve account and are not applied to your loan balance until the total amount in reserve equals a full payment. If your full payment is not received by the end of the grace period, a late fee will be assessed.
Can I pay more than my regular monthly payment and pay my loan off early?
Yes! You’re welcome to pay more than your regular monthly amount. If your account is current, any extra funds will reduce your overall balance and help you repay your loan ahead of schedule.
How long does it take for an online payment to post to my account?
Online payments may take up to 5 business days to post to your account. However, your payment will be credited as of the date you submitted it. If you have concerns about timing, especially near the end of your grace period, we recommend submitting your payment early to avoid late fees.
