exactly how we allocate and use your education loan re payments

What sort of re payment is placed on a solitary loan that is present

• First, any fees that are uncompensated paid.
• 2nd, any Unpaid Interest is paid.
• Third, the staying repayment quantity is placed on the present Principal.
• Us otherwise, the overpayment amount will reduce the Current Amount Due on your next billing statement(s) unless you make your student loan payments through automatic debit or instruct.

View a repayment example

What sort of re re payment is placed on a single loan that is delinquent

• First, any Unpaid charges are paid.
• Second, any Unpaid Interest is paid.
• Third, the staying repayment quantity is placed on the present Principal.
• Until you make your education loan payments through automated debit or instruct us otherwise, the overpayment quantity wil dramatically reduce the existing Amount Due on the next payment statement(s).

View a repayment example

Keep in mind: In the event that re payment does not fulfill the present Amount Due and Past Due Amount, a belated charge may be evaluated, therefore the Total Loan expense may increase. Relate to the leading for the billing statement for the times to prevent fees that are late. In the event that loan is delinquent, it might be reported towards the customer reporting agencies.

What sort of re re payment is allocated and placed on grouped loans being present

In cases where a debtor has loans that are multiple we might immediately place them in that loan team. Each loan team has its own own payment declaration that shows most of the loans within that team. The debtor may request to possess loans ungrouped at any time throughout the lifetime of the mortgage. At 800-472-5543 (800-4-SALLIE) if you prefer a separate billing statement for each loan, please call us. Loans for cosigners aren’t devote that loan team and cosigners get a different payment statement for every loan that is cosigned.

• The re re re payment is allocated in line with the present Amount Due for each loan in that loan team—unless your education loan re re payment is mailed with a different sheet of paper instructing us to complete otherwise.
• As soon as a percentage for the re payment is allotted to each loan, we put it on into the after manner:
  • – First, any Unpaid charges are paid.
  • – 2nd, any Unpaid Interest is compensated.
  • – 3rd, the remaining repayment quantity is placed on the existing Principal.
  • – until you make your education loan repayments through automatic debit or instruct us otherwise, the overpayment quantity will certainly reduce the existing Amount Due on your own next payment statement(s).

View a repayment example

What sort of re payment is allocated and put on grouped loans being delinquent

In the event the re payment is not as much as the Past Due Amount, loans in the oldest delinquency degree will likely be compensated first. As soon as most of the loans have reached the exact same delinquency degree, the residual payment quantity is supposed to be prorated in accordance with each loan’s staying Past Due Amount within that team delinquency degree. This leads to the delinquency degree being the exact same for every single loan into the group. The remaining payment amount will be prorated based on each loan’s Current Balance as of the date the payment is received less the Past Due Amount and Current Amount Due paid if you make an overpayment.

As soon as a part associated with the re re payment is allotted to each loan, we put it on into the after manner:

• First, any fees that are uncompensated paid.
• 2nd, any Unpaid Interest is compensated.
• Third, the staying repayment quantity is put on the existing Principal.
• Until you make your education loan repayments through automated debit or instruct us otherwise, the overpayment quantity will certainly reduce the existing Amount Due on your own next billing statement(s).

View a repayment example

Keep in mind: In the event that re re payment does not match the present Amount Due and Past Due Amount, a fee that is late be examined, additionally the Total Loan price may increase. Make reference to the leading associated with payment declaration when it comes to times to prevent belated charges. In the event that loan is delinquent, it may be reported into the customer reporting agencies.

Demand payment that is special directions for numerous loans

It is possible to instruct us to allocate education loan re re payments differently, in the event that you spend by mail. Obviously compose your guidelines on a different sheet of paper, including any relevant 16-digit Loan quantity additionally the quantity you desire assigned to each loan. If we allocate a repayment up to a loan that is specific loans, re payments are used on the basis of the regards to each loan’s Promissory Note, often very very very first to Unpaid charges, then to Unpaid Interest, then to Current Principal. You might not designate a various way for using re re payments. We can not process guidelines written from the remittance or check slide. Take note, third-party bill-pay services don’t allow one to offer directions. If you’re a debtor utilizing a bill-pay that is third-party and wish to allocate your re payment differently, please phone customer support at 800-472-5543 (800-4-SALLIE) to own your loans ungrouped.

Associated topics

Pick the way you desire to make education loan re re payments. Choose from auto debit, spending online, mobile software, by phone, mail, or third-party bill-pay services.

Get some good guidelines from Sallie Mae ® on repaying your student loans that will help you save cash as well as decrease your Total Loan price.

Make and handle your Sallie Mae education loan re re re payments anytime, anywhere, from your own Apple ® or Android ? phone.

If you’re expected to make repayments for numerous loans, we possibly may cluster them together in a “loan group”, so that you get one consolidated payment declaration and may make one repayment to pay for all of them. You may ask us to ungroup your loans by calling us at 800-472-5543 (800-4-SALLIE) but this can end up in numerous payment statements.

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