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Direct Debit
Introduction to Direct Debit
QuestionWhat is Direct Debit?
Answer
Direct Debit is a free, automated payment service that allows you to automatically withdraw your student loan payments from your checking or savings account each month. It's not only convenient, but you may also qualify for an interest rate reduction when you use Direct Debit.
QuestionHow does Direct Debit work?
Answer
You must apply for Direct Debit. If we approve your Agreement, we will electronically withdraw your payment amount - along with any additional amount you request from your bank account on your specified extraction date and apply it to your student loan account.
If your extraction date falls on a weekend or holiday, we will withdraw the payment from your bank account the following business day.
QuestionWhy sign up for Direct Debit?
Answer
Direct Debit is a convenient way to make your student loan payments.
- Save money. You may qualify for an interest rate reduction when you use Direct Debit. Please contact us to find out if your lender offers this incentive.
- Don't worry. No more late fees since we automatically withdraw your monthly payments from your bank account.
- Save time. Your time is valuable. The transaction is automated, so you won't need to write checks or sign in every month to make your payments.