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Can I make additional payments on my student loan?

If you are financially able to do so, it may make sense for you to pay down your student loan more quickly than your schedule requires. 

Lenders typically call this “prepayment.” In general, you are entitled to make a payment to your account at any time, without penalty. Check with your loan servicer first to see how additional payments are applied.

Warning: Sometimes when you pay more than your monthly payment, your lender will “credit” the amount against a future payment rather than apply it toward your loan balance. For example, say you had a loan with a monthly payment of $115, and one month you decide to pay $300. If your lender is crediting your payments forward, the next month you would get a statement that showed no payment due; you would get your next actual bill the month after.

Even though you don’t have a payment due, you should continue making payments each month if you can afford it. You won’t actually be paying your loan back any faster unless you keep making payments each month.