How does sallie mae automatic debit work

Learn how your student loan payments are calculated. Get information about how much you're paying for your student loans and why. Forbearance Forbearance lets you temporarily postpone your loan payments and can help you avoid delinquency and default if you're facing temporary financial difficulty.

Benefit Forbearance may give you the extra time you need to solve your financial difficulties. Considerations A payment may be required to obtain a forbearance. The payment will be applied towards your Current Balance. Forbearance does not remove any late fees or previously reported delinquency information from your credit report. Interest continues to accrue. Forbearance may affect your eligibility for, or cause you to lose, borrower benefits or repayment incentives that require on-time payments to obtain or retain the benefit, such as cosigner release.

Any scheduled loan disbursements during a forbearance period will be suspended. Paying interest can help To reduce your Total Loan Cost, we encourage you to pay the interest that accrues while the loan is in forbearance. Delinquency and default Delinquency occurs when you fail to pay all or part of your monthly student loan payment. How are my student loan payments allocated and applied to my loans? And how can I pay down my student loans faster? Select how you want to make student loan payments.

Choose between auto debit, paying online, mobile app, by phone, mail, or third-party bill-pay services. Get information about how much you're paying for your student loans and why. If you are faced with special circumstances in life, we can help. Learn how to handle your student loan when your life changes or you're having financial problems. Home Student loans Manage your private student loans Prepare to pay your student loans Get ready for principal and interest payments Use your separation or grace period to organize and understand the next stage of your student loan payments.

What is a separation or grace period? While you wait for principal and interest payments to begin, there are few things you can do to get ready. Related topics. Understand student loan payments Learn how your student loan payments are calculated. Get help with special circumstances If you are faced with special circumstances in life, we can help.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.