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Do you realize you can find guidelines in your education loan agreement that most servicers have to follow whenever using payments to your loan?

Do you realize you can find guidelines in your education loan agreement that most servicers have to follow whenever using payments to your loan?

The guidelines need that outstanding interest and fees that are lateif applicable*) should be compensated first, just before a repayment being placed on the mortgage principal.

But, in terms of excess repayments you have significantly more freedom. We immediately use excess to:

  1. Accrued interest as your final re payment.