Direct Loan Payment Options

There are several options available for Direct Loan payment, and also methods for putting off payments when the need arises. To handle Direct Loan payment as quickly as possible, it is advised that students follow a few steps:

Step 1 - Understand the Minimum Payment

When it is time for students who have graduated to begin making Direct Loan payments, notifications will go out in the mail or via e-mail. Students should check the notices, understand their minimum payment amount and make the necessary arrangements to fulfill their obligations.

Step 2 - Set Direct Loan Payment Method

There are several options available for making sure that Direct Loan payment goes through. They include standard mailed payments, online payment and even preset payments up to six months in advance. It is best for students to select the option that suits their unique needs.

Step 3 - Make a Bigger Direct Loan Payment Whenever Possible

Even when loans are in deferment or forbearance status, it is possible to make a Direct Loan payment to reduce the overall debt or accrued interest. If the plan is to pay off student loans as quickly as possible, overpaying whenever possible can help. There is no penalty for early repayment with this type of loan.

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