You may pay more than your monthly installment amount at any time. If you pay more, your account may reflect a paid ahead or partially paid ahead status.
What does this mean to me?
If you satisfy a full future installment, your total amount due may reflect $0 on your next monthly bill. If you receive a bill for $0 amount due, you may want to continue to pay your scheduled amount since interest does continue to accrue. Learn more about interest accrual and how we apply your payments.
EXCEPTION: If you are billed for $0 under the Income-Based Repayment Schedule option or are on a reduced payment forbearance, payments will not satisfy future installments.
- If the additional amount you pay only covers a portion of your next monthly payment, the total amount due on your next bill will be the difference.
For example: If your bill is normally $150 and you paid ahead $50, your next statement may reflect an amount due of $100.
How to Pay Ahead
You may pay more than your monthly installment amount at any time, using the payment method of your choice.
Direct Debit users can also request to have an additional amount withdrawn each month along with their scheduled monthly installment.
Direct Debit Special Considerations
To have an additional amount withdrawn from your checking or savings account every month, indicate the amount when you complete your Direct Debit application. We apply any additional amount that you pay across all loans with the same due date. We continue to withdraw your full monthly payment, plus any additional amount you requested through Direct Debit every month, even if:
- Your monthly payment amount changes
- You pay your monthly amount early (by telephone, mail, or online)
- You pay more than your monthly payment amount so your loan is in "paid ahead" status
You may add or change an additional Direct Debit amount at any time, using one of the following methods:
- Sign in to Account Access and complete a new Direct Debit Electronic Funds Transfer Agreement; or
Mail a new Direct Debit Electronic Funds Transfer Agreement(PDF) to the following address:
American Education Services
P.O. Box 2057
Harrisburg, PA 17105-2057
NOTE: Be sure to indicate clearly the additional amount you want to be withdrawn every month.
You have options on how your additional payments are applied. Learn how to target your payments.
Is paying more on your student loan your best option? For more information on the most effective ways to pay down debt, budgeting, and your student loans—visit YouCanDealWithIt.com.