0.25% auto-debit deduction
When you choose automatic debit, MyfedLoan offers you a 0.25% discount on your interest rate. In addition, automatic payments ensure that your payments are made on time.
Pay more than the minimum each month. This will lower the total interest you pay over the life of the loan.
First, you can choose which loan you want to pay off. If your income exceeds the minimum payment, you can direct additional funds. You can use it to get the loan with the highest interest rate or the highest balance.
When you have a little extra money, you can manually enter a second monthly payment. This will also help you lower your interest and shorten your repayment period.