• Student Aid 101
  • Grants, Scholarships, and Loans
  • Your Financial Aid Offer
  • Types of Loans
  • The Basics of Loans
  • The Language of Loans
  • About Interest
  • Your Responsibilities
  • Student Loan Q&A
  • The Hidden Truths of Student Loans
  • Exit Counseling
  • Beware of "Debt Relief" Organizations
• Making Payments
  • Benefits of Paying Interest
  • Grace Period
  • Ways to Pay
  • Repayment Plans
  • Repayment Q&A
  • Loan Consolidation
  • Loan Payoff
• Trouble Paying
  • Change Your Due Date
  • Reduce Your Monthly Payments
  • Postpone Payments
  • Loan Discharge & Loan Forgiveness
  • Default
  • Bankruptcy
• Managing Money
  • The More You Learn, the More You Earn
  • How to Budget
  • How to Save
  • Know Your Credit Score
  • Credit Cards
• Calculators & Resources
  • Calculators
  • Personal Stories
  • Other Online Resources
• Student Aid Timeline
• Graduate Students
  • How to Pay for Graduate School
  • Graduate Students and Loans
• Nontraditional Students
  • What Is a Nontraditional Student?
  • The Decision to Return to School
  • The Cost of Going Back to School

Ways to Pay

• Direct Debit
• Online Payments
• Pay by Phone
• Pay by Check or Money Order

Direct Debit

Direct Debit may be the most convenient way to make your student loan payments.

Direct Debit allows you to authorize an electronic deduction from your checking or savings account each month. The transaction happens automatically, so your payment is always on time, keeping your student loan account in good standing.

Benefit	Details
Save money.	Direct Debit is usually a free service. No late fees! Since your loan payment is electronically withdrawn from your bank account, it's always on time. You don't need to pay for checks, stamps, or envelopes.
Save stress.	There's no stress if you procrastinate. Automatic payments mean you are never late (as long as the funds are available in your bank account).
Save time.	No more wasting time by writing checks. Your time is valuable. There's no need to make a trip to the post office to mail your payment. You don't even need to sign in every month to make your payments.
Save trees.	No more paper bills means you're helping the environment. Going green helps cut pollution, reduce solid waste, and save trees, water, and energy.

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Online Payments

Make payments online anytime, day or night.

An online payment is a one-time deduction from your checking or savings account.

Benefit	Details
Control	Schedule payments in advance. Control the timing of the deductions to ensure that you have the funds available in your bank account.
Flexibility	Pay online this month. Pay by phone or by check next month. Choose the payment method that works best for you each month.
Speed	Your payment won't be late if you make it online.

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Pay by Phone

• Call to make payments anytime, day or night.
• Control the timing of the transaction, when you know the funds will be available in your bank account.
• Use either touch-tone service or voice response technology to make a payment.

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Pay by Check or Money Order

• Write legibly to ensure electronic check processing systems can read the information accurately.
• Include your account number on your payment.
• Mail your payment 5–7 business days before your due date to make sure it arrives on time.

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Helpful Tips

• Direct Debit helps you earn a good credit rating that will provide lifelong benefits.
• Some lenders offer an additional interest rate reduction after a specified number of on-time payments.
• No matter how you pay, you'll need to provide your account number and your nine-digit ABA number (also referred to as a routing and transit number), which identifies your financial institution.
• Not all lenders/loan servicers may offer all of these payment services.

Supporting Content

Calculators

• Debt Repayment Calculator

Online Resources

• electronicpayments.org