Repayment Options for your loan?

February 20, 2020
Author

There are various repayment options for your loan. Please contact us at 888-524-3794 for details.

What happens to my loan if I cancel my loan?

We may contact you about loan cancellation, depending on your situation and state regulations.

Why does my payment change from one billing cycle to the next?

We may collect your account information at the end of each billing cycle to ensure that your payment is the correct amount. Changes in payment amounts may result in a change in your monthly rate.

I'm a former no credit check loan holder and don't wish to be included in the loan history database. Can you remove me from my loan's history?

You cannot be removed from a loan's history.

What is a loan and what are my options?

A loan is a revolving loan from our agency. A revolving loan is a loan that has the same terms and interest rate every month of the loan's life. You pay the loan off each month. Lenders with a limited amount of available funds will generally prefer a loan with lower interest rate for the same period of time. The loan may have different monthly payment amounts for different loan holders or it may pay all of a loan holder's monthly expenses. I'm a new borrower.

How do I find out about the details of my loan? You may choose to fill out the Loan Request Form. A representative will call you to arrange the date and time for your visit. We are unable to grant loan requests prior to your scheduled visit. If I move to another state, can I still receive help with student loans? Loan availability and conditions may vary from state to state. If you are a new borrower in another state, you must complete the application process in your new state. Do I still have to pay interest on my loan each month?

No, the lender cannot charge you interest when you make a payment on your loan. The lender will charge a service fee. However, it is important to pay any remaining loan balance in full prior to the due date of the last repayment. Can I withdraw my application? Your application is processed during regular business hours. If you wish to withdraw your application, you can do so up to 45 days prior to the application due date. Once the application is approved, the lender will process the application.

How do I find the correct loan servicer for my loan? We are proud to serve millions of students each year, so it's important to use the right loan servicer for your loan. The lender for your loan is listed on your statement of account. Also, when you submit your application through the U.S. Department of Education, your loan servicer will determine whether to participate in the Direct Loan Program.

If the loan servicer you choose does not participate in the Direct Loan Program, we will communicate this fact to you in your loan servicer's communication to you. I have an interest-only loan.

Am I eligible to apply for Direct Loans? If you have an interest-only loan and qualify for the Direct Loan Program, you must follow the process below. You will be notified if you are eligible for Direct Loans. Apply for Direct Loans in the normal way. If you are eligible, you will need to make a Direct Loan application. If you are not eligible, you will not be able to make a Direct Loan. How do I apply? There are two ways to apply for Direct Loans: (1) Online through DirectLoan.

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