Frequently asked questions federal and private loans
Billing, Payments, Fees
Can I change my monthly payment due date?Yes. If your account is not delinquent, you can request a change to your due date. This date must be on the 1st through the 28th of the month. The payment due date cannot be changed to the 29th, 30th, or 31st of the month.
Note: Before the due date can be changed, the current month's payment must be received. For example, if the current due date is the 28th and you wish to change it to the 1st, we can't make the change until the current month's payment has been made. After the payment due date change has been made, the next payment will be due on the 1st of the following month. To proceed with a date change, send an email request with the specific payment due date from the 1st through the 28threquest a change to your due date[KD1] .
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How are my payments applied?
When we Sallie Mae receives a payment, we usually apply it first to late fees (if any), followed by unpaid accrued interest[KD2], and then to the loan principal balance. Note: (The order of the application may vary depending on the requirements of your Promissory Note.)Interest on your loan(s) accrues daily, so the total amount of interest you'll pay during repayment can vary depending on when your payments are received. It's to your advantage to send your payments on time, or early, to avoid paying additional interest and late fees.
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How can I order a coupon book?
If you're eligible to receive a coupon book, there's no need to request a new one. We'll automatically send you a new coupon book.
If you're due for a new coupon book and have not yet received one, your account may not be eligible to receive coupons due to any one of the following reasons:
your account is paid ahead,
your account is in deferment, or
your account is in forbearance.
Or, make your payment online today. If you'd rather mail your payment, write your 10-digit account number on the check or money order and enclose a note with special instructions for the payment
We would be happy to send you a coupon book. Order your coupon book.[KD3] Note: if you just opened an account that is eligible for a coupon book it will automatically be sent to you within the next 30 days.
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I applied for automatic debit. Why hasn't my payment been withdrawn yet?
It's important to note that it can take up to three weeks to activate your automatic debit request. Please be sure to continue making payments until you're notified that your auto-debit request has been processed.
If it's been more than 15 business days since you submitted your request, please contact us for assistanceso we can look into this for you.
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On my loan application I originally chose to make payments while I am in school. Can I now request to have my loan payments postponed?
You may be eligible to defer your payments, please visit Deferment Eligibility for more information.
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What happens when my automatic debit payment date falls on a weekend or holiday?
If your payment due date falls on a weekend or bank holiday, the payment will be deducted from your bank account on the next business day. Your online records may temporarily reflect your account as past due until the payment has posted.[KD4]
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Where can I send make my payment?
You can send make a one-time payment or schedule future payments by using one of our severalthe choices below:
- Manage Payments and Bills
- Automatic Debit
- Mail Your Payment
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Why did my monthly payment increase?
Your monthly payment amount may have changed for one of the following reasons:
- The interest rate on your loan has changed due to something called indexing. Indexing is when a variable loan rate is adjusted by a generally accepted reference rate. a change in the Index, which may be LIBOR. The London Inter-Bank Offered Rate or LIBOR is an interest rate that is a widely used as a short-term market index upon which private student loan interest rates are based.[KD5]
- Unpaid accrued interest[KD6] has been capitalized[KD7], which means it has been added to your loan principal and you are now incurring interest on and making payments on a larger principal balance.
- If you elected an interest-only or a reduced repayment plan that allowed you to make lower payments for a period of time (such as graduated repayment, extended repayment, or income-sensitive repayment), your initial period of lower payments may have ended.
- If you've changed repayment plans, your new payment plan may require higher monthly payments.
- One of or more of your loans have been transferred to Sallie Mae from another servicer; therefore, your bill includes the payment for additional loan(s).
- You've received an additional loan disbursement.[KD8]
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Why do I have an origination, supplemental or default fee?
Depending on the loan program and the terms of your loan's Promissory Note, you may be assessed a fee(s).Different loans have different fees. The three most common are:
- The federal default fee -is an insurance fee charged by the guarantor[KD10](in this case the federal government) to the lender. The borrower isThis fee is passed through to youthen charged by the lender. Thise fee is used to offset the cost of insuring the loan should the loan default through non-payment, death, permanent and total disability, bankruptcy, ineligibility, fraud, or school closing.
- The origination fee - the fee is charged by the lender to offset the cost of interest, special allowance[KD11], and reinsurance payments[KD12].
- Supplemental fee [KD13]-
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Why is my current balance different from my 10-day payoff figure?
Your current balance does not include the accrued interest [KD14]currently due on the loan. When paying your loan balance in full, you need to satisfy the accrued interest and fees, if any.
The payoff figure includes all accrued interest currently due on the loan plus 10 days of future interest (to allow for mailing time). If the payoff is not received within 10 days, you may need to send an additional payment.
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Why is the late charge different on my private student loans than on my federal loans?
The amount charged varies between loan programs.
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Why isn't my payment shown online?
If you do not see your payment on the Loan Summary or Payment History page, we may not have received your payment or it is currently being processed.
Some rReasons yYour pPayment mMight nNot sShow:
- If you mailed a payment, allow three to five business days for us to receive it.
- If you made a payment over the phone, it will be posted within two business days.
- If you submitted your payment online, the effective date will be the date Sallie Mae receives the funds from your bank.
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Can I pay by credit card or PayPal?[KD15]
Cosigner Release
How long does it take to process a request for a cosigner release?
It may take up to 7-10 business days for you to hear back from us, when you take into account mailing and processing time. We'll notify you of a decision or if additional information is needed.
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Deferment and forbearance
What is a deferment?
A deferment allows you to postpone payments for a period of time. For eligible federal loans, you are not responsible for interest that accrues during the deferment.
What is a forbearance?
A forbearance allows you to temporarily postpone or reduce your payments. It’s offered to assist you in times of need. You are responsible for the interest that accrues during this time. Note: If this accrued interest [KD16]is not paid during the forbearance period, it will be capitalized[KD17] (added to your principal balance). In addition, you may incur a fee.
Can I end my forbearance early?
Yes. You can end your forbearance at any time. Please Simply contact us for assistance.
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Can I get another forbearance if mine is about to expire?
Yes, as long as the loan is eligible and you have enough forbearance time remaining.
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Can I make payments on my loans while I am in an in-school, grace, or deferred status?
Yes. It's a great idea to make payments while you're in school. This will save you money over the life of your loan.
You can make a payment quickly and securely online.
Or, mail us your payment. Please be sure to write your account number on your check or money order and how you would like the payment applied.
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How can I keep my payment from increasing at the end of the forbearance?
We suggest you pay the interest that accrues while your loan is in a forbearance. Any payments you make during your forbearance will lower the amount of interest to be capitalized[KD18] (added to your principal balance) at the end of the forbearance period, which will save you money over the life of your loan.
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How do I put all of my loans that Sallie Mae services into a forbearance?
To determine which of your Sallie Mae-serviced loans are eligible for forbearance, please refer to Forbearance Eligibility.
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How long may I postpone my payment?
A payment can be postponed from one day to one year using a forbearance or deferment. Please go to Postpone and Reduce Your Payments to learn more.
If you're lookingyou would like to change the date your payment is due, please simply contact us for assistance.
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I can't pay, but I am out of forbearance time. What can I do?
If making payments is difficult right now, please refer to Having Difficulty Paying? for information on available options.
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I'm currently in school and my loans with my other lender are deferred. Why aren’t my Sallie Mae loans notalso deferred?
If your loan(s) is eligible for in-school deferment, we may not have received notification that you're attending school. If your school reports enrollment data to the National Student Clearinghouse, we should receive your information automatically. Otherwise, simply visit the Deferment Eligibility page for a deferment form and have your school certify your enrollment dates. Submit the form so we can update your account.
If you have a Smart Option Loan that requires payments while you're in school, it's important to note that even during deferment you may still have to make reduced payments. Please refer to your Promissory Note for additional details.
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I'm volunteering with the AmeriCorps/Corporation for National and Community Service. How do I apply for forbearance?
There are two ways you can apply for forbearance during your service:
- Visit My.AmeriCorps.gov to apply online, or
- Download and complete a Corporation for National and Community Service Forbearance Form then mail it to:
1201 New York Avenue, NW
Washington, DC 20525
Please continue to make your scheduled monthly payments until you're notified that your forbearance has been approved.
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If I've returned to school or I'm participating in an approved internship or residency program, is my private student loan(s) eligible for deferment?
Please review the Payment Postponement Eligibility section to see options based on your loan type.
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Is there an impact to my credit if I postpone (forbearance or deferment) my payments?
No. There should be no negative impact to your credit report if you postpone your payments.
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My current deferment is about to end and I would like to extend it. Do I need to reapply?
If you're using in-school deferment and are still eligible for it, in most cases, you will not need to reapply for an in-school deferment if your school uses the National Student Clearinghouse to report enrollment information. However, some private student loan programs and HEAL loans require us to obtain a completed deferment form.
For most other deferments, if you're still eligible, you will need to reapply or provide additional information in order to extend your deferment. For more information, go to Deferment Eligibility.
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My FFELP loans are in deferment. Why aren't my private student loans deferred?
Different loan programs have different deferment options and eligibility requirements, which means that you may be eligible for a deferment in one program, but not in another. Please refer to the Apply for Deferment option on the Change Payment menu for more information..
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What consequences are there for placing my account in forbearance?
During the forbearance period, interest continues to accrue on the principal balance of the loan. Unless you pay the interest as it accrues, it can be capitalized[KD19], which means it is added to the principal balance of your loan. This will increase the total amount you'll pay over the life of the loan.
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What does it mean that I have reached the maximum time period(s) allowed to postpone payments on my federal loan(s)?
Federal regulations provide only a certain amount of time to postpone payments on a given deferment. See the Deferment Eligibility for the maximum postponement time periods allowed for your loan type.
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What if my situation changes and I am no longer eligible for the deferment? Does it automatically end or do I need to contact you?
If you are no longer eligible for deferment, your loan will either go into repayment or you will have a six-month grace period. After the grace period, you will receive monthly bills. Refer to your Deferment Eligibility requirements for more information or contact us for assistance.
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What is the difference between a deferment and a forbearance?
A deferment is an entitlement that allows you to postpone payments for a period of time. For eligible federal loans, you are not responsible for interest that accrues during the deferment.
A forbearance allows you to temporarily postpone or reduce your payments. It’s offered to assist you in times of need. A forbearance, on the other hand, is a temporary cessation or reduction of payments, offered at your lender's discretion. Intended to assist you in temporary times of need, Yyou are responsible for the interest that accrues during this time. Note: If this accrued interest[KD20] is not paid during the forbearance period, it will be capitalized[KD21] (added to your principal balance). In addition, you may incur a fee.
Should you be eligible for both, Sallie Mae generally recommends deferment over forbearance, because of its advantages. For more information, please visit Postpone Payments.
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What is the eligibility criteria for each deferment offered?
Each deferment has different eligibility requirements. For more information, please visit Deferment Eligibility.
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What is the maximum time that I'm eligible for a deferment or forbearance?
Each type of deferment or forbearance has its own maximum time limit. Simply check out our Forms Center to learn the maximum for your deferment.[KD22]
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What is the status of my request for a deferment or forbearance?
To find out the status of your loan(s) simply visit your Loan Summary page. If your loan is not in your requested status, we may not have received or processed your form yet. This typically takes five to seven business days.
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What type of deferment best suits my situation?
While you're welcome to read about the available deferments on our Deferment Eligibility page, we'd be happy to walk you through your options over the phone. Please call us at 888-2-SALLIE (888-272-5543) so we may assist you.
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While my loans are in deferment, why is interest paid on some of my loans but not paid on others?
This situation can occur when you have a mix of different loans or when your full time student status changes. Interest is charged on unsubsidized loans [KD23]but not charged on subsidized loans while you're enrolled at least half-time or, during your grace period.,and during deferment periods. [KD24]However, interest is charged on unsubsidized loans during all periods.
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Why am I no longer eligible for a deferment?
There are many reasons why eligibility may be lost for a given deferment. Go to Deferment Eligibility to see if you still meet all the requirements for your deferment.
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Why are some of my loans eligible for certain deferments and others are not?
Deferment eligibility requirements vary by loan type, disbursement[KD25] date, and loan status. For more information please visit Deferment Eligibility.
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Why are some of my loans eligible for forbearance or deferment and others are not?
Generally, federal regulations determine which loan receives which type of postponement. Please refer to the Deferment Eligibility or Forbearance Eligibility for more information.
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Why can't I apply for a forbearance online for all of my loans?