Direct Debit sets up an electronic deduction from your checking or savings account on your due date each month. Since your loan payment happens automatically, it’s applied effective on your due date, even if your due date falls on a weekend or holiday.
Benefits of Direct Debit
- Direct Debit is the most convenient way to make your student loan payments—on time, every month.
- Direct Debit is a free service. And you qualify for a 0.25% interest rate reduction when actively making payments on Direct Debit.
How to Apply
|Step 1||Sign in to Account Access.|
|Step 2||Establish a PIN if you don't already have one OR be sure that you have access to a printer.|
|Step 3||Input your bank account information. Include any extra amount above the minimum amount due that you wish to pay toward your student loans each month.|
|Step 4||Electronically sign your application with your PIN OR print, sign/date, and return your application to us for processing.|
Important: Continue making payments until you get confirmation that Direct Debit will extract your next payment. You'll need to use another payment method until we're ready to start working directly with your bank to set up your monthly payment extracts. We'll do this as quickly as possible for you, but it may take up to 1 or 2 monthly billing cycles for Direct Debit to begin.
A Direct Debit payment credits to your account on the day the payment is due, even if your due date is a weekend or holiday. It generally posts to your account within 2 business days of the due date. We may credit your payment to your account 1 or more days before you can see it online in Account Access.
Direct Debit Not For You?
Does your due date fall on a weekend or holiday? Find out when we process these payments.