Yes! You can make extra payments toward your loan’s principal at any time.
You can do this by:
- Adding extra funds to your regular monthly loan payment, or
- Making an additional payment whenever you’d like.
Your payment is applied in the following order:
- Any outstanding fees
- Any accrued interest
- The remaining amount is applied directly to your principal balance
Paying extra toward your principal can help reduce your loan balance faster and may decrease the amount of interest you pay over the life of your loan.
If you have questions about making extra principal payments, our Member Service team is happy to help.
