By using electronic payments for your student loans, you can avoid receiving late payment notices.
Federal student loans are like any other loan; failing to pay these loans back can lead to serious consequences, including wage garnishments. There are several repayment plans designed to meet the different needs of individual borrowers, with payment amounts and the length of time for repayment depending on the plan chosen. The number of days between payments, interest rates and the amount of loan balance are factors that determine the amount of the payment on your federal student loan.
Instructions
1. Open a bank account that requires completing an application and providing information. Banks will usually check your credit history before opening a checking account for you. Accounts will require a deposit; once a deposit is made, the checking account is open and available for any type of payment including electronic payments.
2. Sign up for electronic debiting, which is the most efficient and convenient way to make electronic payments for federal student loans. Payments are always on time--you do not have to remember to mail a check each month. You can choose to schedule a recurring debit through your federal student loan servicer by setting an account and following their application directions.
3. Access the website of your federal student loan servicer. Websites are usually available 24 hours a day for payments. You can sign up for account access if you do not have a registered account. You may need your social security number, date of birth, account number and pin number from the Department of Education. Electronic, one-time payments are usually provided at no charge. You can elect to pay by checking account or debit card with most federal student loan servicers.
Tags: checking account, electronic payments, federal student, federal student loan, student loans