How to make an extra payment on an individual student loan?
Whether any client is following the debt avalanche or the debt snowball, when targeting their student loans individually is considered to be one of the best ways to clear off the debt. Instead of spreading around what can be called as an extra payment all across loans the person should focus on only one loan and throw all the single pennies at it to pay it off. After making the said payment the person should move on to the next loan.
Although the people who provide student loans are considered to be evil and they do tend to make things difficult for the students, one such servicing was known as the Fedloan servicing has been known to ease out the problems and to pay off the extra on any loan without jumping any bunch of hoops. If needed, you can also call up the Fedloan customer service for any kind of assistance that you need.
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How to make the extra payment?
- The first step involves calling Fedloan services and making sure that the extra payment is being applied to the principal The person needs to make sure that the extra payment is not going to the succeeding month’s bill. The reason to do this is that the person would not want Fedloan to apply their payments to their future bills. This is because it does not reduce or deduct the principal balance the user owes. This basically means that the person ends up paying much more in interest because their principal balance has not gone down. For any assistance, you can call up the Fedloan customer service. The Fedloan customer service will be there to help you with any issue that you face.
- The second steps involve the person logging into the Fedloan If the user does not have an account then naturally they will have to create one. Few things that need to be kept in mind is having a strong password and changing it every three months. The thing that needs to be kept in mind is that the users account information, email address, phone number and home address are all but store in the Fedloan portal. As already mentioned above you can call up the Fedloan customer service for help.
- The next step involves the person navigating to the billing and the payments section which exists on the left side of the portal.
- The fourth step involves the user clicking on the tab-specify loan payment amounts. All of the loans (individual students) are listed there. One thing that needs to be kept in mind is if the person has consolidated their loans then they cannot make their payments individually. For help, you can call up the Fedloan customer service.
- The next step involves entering the amount that needs to be paid on the basis of their loan that the user would want to pay extra. The debts snowball has been used which is why all the payments will move towards the small balance of $8107. The user needs to fill out the bank information; payment date and then press on make a payment.
- Lastly, the user needs to verify their payment information and then click on the check mark to agree to the various terms and conditions. After which they need to click on verify and submit payment.
A message will show up confirming that the required payment has been successfully submitted. The details of the payment will also be shown. It usually takes around 3 days for Fedloan to reflect the payments on the account. These are the steps which need to be followed if the person would want to make any extra payment on an individual loan with the help of Fedloan.