Author Topic: (US) Federal Student Loan payback Tip  (Read 2215 times)


  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Location: Midwest
(US) Federal Student Loan payback Tip
« on: December 26, 2013, 07:59:52 AM »
I just discovered this, maybe its common knowledge but I thought I would share it as I didn't know you could even do this until recently.

This is for US Federal Student Loans. I don't know if this works for private loans.
I recently graduated with a Bachelor degree and I have subsided loans and unsubsidized loans with interest rates ranging from 3.4% - 6.8%.

I just discovered that you can select which loans to send the payment to on the payment website.

Your situation might be different but this works for me with my lender, you might want to call your lender before doing this to make sure it applies as your payment:

When you click "Make A Payment" it gives you two choices: "Pay All Loans" or "Specify Loan Payment Amounts"

If you select "Specify Loan Payment Amounts"
It lists all your loans individually:
Loan1 $650/6.8%           
Loan2 $300/3.5%
Loan3 $4000/5.8%

You can type in the box next to the loan the amount you want to apply to that loan. I've been able to target the higher interest loans first this way.

Also on the view loan details area, you can click "print all loan details" and it breaks it down as far as the amount for each loan, date, payment amount, interest rate, etc.

Loan1 1/1/2009 $650/6.8% Payment Plan:10 years  Intrest: $15    Payment $10.25     
Loan2 2/2/2009 $300/3.5%  Intrest: $3  Payment $5.25
Loan3 3/3/2009 $4000/5.8% Interest: $120  Payment $150.25
                                       Total Principal:$55,000     Total intrest $1500    Total Payments:$750 - Monthly
Whats nice about looking at this, is that it shows the amount, interest charged and monthly payment amount for each of the loans.

I've been able to pay off the smaller high interest loans this way. I've been funneling all my extra money that doesn't go to rent/food/gas/etc into this hoping to pay my loans off as soon as possible and avoid paying lots of interest in the future.

Hope this helps someone.

« Last Edit: December 26, 2013, 08:09:31 AM by iwanttobelive »


  • Pencil Stache
  • ****
  • Posts: 561
  • Location: New England
Re: (US) Federal Student Loan payback Tip
« Reply #1 on: December 26, 2013, 09:40:10 AM »
I think this depends on which company services your loans - my Direct Loans are serviced by Great Lakes and their interface is very different from Sallie Mae's. I don't know if every company has this option but poke around, because it's a good tip if they do:)


  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: (US) Federal Student Loan payback Tip
« Reply #2 on: December 28, 2013, 08:37:46 PM »
To make your payments go even futher consider changing your payment plan from standard to whichever plan gives you the lowest minimum payment.  For me this is "graduated".  Use the money saved through the lower monthly payments to pay even more on the high interest loans, and pay them off faster.  Just make sure that you're disciplined enough to continue paying the same amount.


  • Bristles
  • ***
  • Posts: 307
Re: (US) Federal Student Loan payback Tip
« Reply #3 on: January 03, 2014, 07:49:27 AM »
MyFedLoan lets you do the same thing. I paid off the non-subsidized loan first and have since moved to my other non-subsidized loan (I'm in grad school so they are all deferred). It also blew my mind a little when I figured that out. Just be sure to ask for the payoff amount! I paid the last balance on a loan and hadn't counted on interest so I still owed like 1.78$ after the payment went through.