Re re Payments for personal Loans owned by Navient along with other lenders that are private
Find out how re re payments are allocated and used.
Solitary Loan – Account is Present
First, the re payment is placed on Unpaid charges.
2nd, the re payment is placed on Unpaid Interest. Take into account that interest accrues daily.
Third, the payment is placed on the Unpaid Principal.
We’re going to use any Overpayment to month that is next re re payment – until you are enrolled in Auto Pay or provide unique payment instructions. *
Solitary Loan – Account is Delinquent
First, the re re payment is placed on Unpaid charges.
2nd, the re re payment is placed on Unpaid Interest. Take into account that interest accrues daily. In case the payment is overdue, you should anticipate that the loan will accrue more interest than when re re payments are available on time.
Third, the re re re payment is put on the Unpaid Principal.
We’re going to use any Overpayment to month that is next payment – until you are enrolled in Auto Pay or provide special payment instructions. *
Numerous Loans – Account is Current
If you have numerous repayments for comparable loan kinds, we might cluster them together in a “Loan Group” so that you will get one consolidated declaration when it comes to loans into the Loan Group and will make one repayment to pay for all of them.
You might request your loans be ungrouped therefore at 888-272-5543 that you receive separate statements by calling us.
For those who have numerous loans, we first allocate the payment among your loans and then use the repayment to your Unpaid Fees, Unpaid Interest, and Unpaid Principal as described below.
Re re re Payment allocation:
The re payment is allocated on the basis of the present Amount Due for each loan being compensated. Until you offer unique re re payment instructions, * after the present Amount Due was pleased for several loans being paid, any Overpayment will soon be assigned to your loan aided by the greatest rate of interest. (more…)