Soaring to Speed Up Your Student Loan Pay Off?
by Kevin Ree
Making extra payments is a great way to accomplish this… BUT make sure this is working for and not against you.
Use these empowering tips from Champion Empowerment Institute:
- After accrued interest payoffs, request through your servicer that extra payments go where you see fit, e.g., loans w/smaller balances or higher interest rates.
- Check your online account. Some servicers give options on how to apply extra payments.
- For check/money order payments: Write in the memo section where extra payments should be applied, e.g., “Apply to Principle”.
✍ - Continuing with extra payments? (AWESOME!) Ask the servicer to retain your request on how to apply additional funds. Ask that it be on file and confirmed in writing.
✅ - Be careful! Extra payments can advance your due date (change the due date) AND interest still accrues. If you don’t like this, ask your servicer NOT to advance the due date- some will, others need to know their customers (YOU) want this option. Speak up.
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