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Direct Debit
Using Direct Debit
Yes, we will send you a monthly bill that details your Direct Debit payments. If you are enrolled in our Paperless Services, a payment bill will not be mailed to you, but will be available in your paperless inbox each month.
Yes! If you wish to pay more than your minimum monthly payment amount each month, you can enter an additional amount when completing your Direct Debit Agreement. We will continue to withdraw this additional amount even if there is a change to your scheduled monthly payment amount. However, if your monthly installment amount is $0.00, we will not withdraw the additional amount you may have requested.
If you would like to increase or decrease the additional amount that is withdrawn each month or specify which loans to apply the additional amount to, you may do so by signing in to your Account.
Yes. We withdraw your monthly payment (plus any additional amount you request) through Direct Debit every month, even if:
- You make a payment early through another payment method before your payment is due.
- You pay more than your monthly payment amount so your loan is in a "paid ahead" status.
If you do not want us to withdraw your monthly payment for any reason, you must contact us or sign in to your Account at least 3 business days before your extraction date to suspend your Direct Debit service. You must continue to pay every month using another payment method during the time we suspend your service.
Yes, any interest rate reduction you may receive for Direct Debit will continue if you choose to suspend a payment.
We will withdraw the payment from your bank account the following business day.
Notify us immediately if your bank account will not have the available funds on your scheduled extraction date. Contact us via telephone or sign in to your Account at least 3 business days before the scheduled transaction, as we may be able to temporarily suspend your Direct Debit service.
If you do not ask us to suspend your Direct Debit service and your bank reports that there are insufficient funds, your payment will remain outstanding until we receive another method of payment. We will not attempt a second debit from your account. If your payment is returned due to insufficient funds for several months (the number of months depends on your lender), your Direct Debit will be cancelled.
NOTE: If there is a need to suspend your upcoming Direct Debit payment while your bank information is being updated, Direct Debit will not be active and you must make your payment using another payment method.