Billing FAQ

Paper bills and interest notices
Paperless billing (eBilling)
Payments

Paper bills and interest notices

I'm still in school. Why am I getting a bill?

One of two reasons. Look at the Bill Type on your billing statement.

If the Bill Type shows...	Then you're receiving a bill because...
Interest:	You requested to pay interest during your in-school period. You're not required to make interest payments while in school, so you don't need to take any action if you can't pay your interest bill. However, any unpaid interest will capitalize (be added to the principal balance) when you enter repayment.
Install:	We haven't received information that you're currently attending a Department of Education approved school at least half-time. If you're eligible to defer payments based on your attendance in school, we typically receive enrollment information directly from your school so you don't need to take any action. However, sometimes we don't receive enrollment information until a few weeks into the semester. If you're unable to make payments and wish to suspend them until we receive the appropriate information from your school to defer your loans, contact us.

If the Bill Type shows...

Then you're receiving a bill because...

Interest:

You requested to pay interest during your in-school period.

You're not required to make interest payments while in school, so you don't need to take any action if you can't pay your interest bill. However, any unpaid interest will capitalize (be added to the principal balance) when you enter repayment.

Install:

We haven't received information that you're currently attending a Department of Education approved school at least half-time.

If you're eligible to defer payments based on your attendance in school, we typically receive enrollment information directly from your school so you don't need to take any action. However, sometimes we don't receive enrollment information until a few weeks into the semester. If you're unable to make payments and wish to suspend them until we receive the appropriate information from your school to defer your loans, contact us.

I lost my paper bill. What should I do?

If paying by check or money order, mail your payment to:

Department of Education
FedLoan Servicing
P.O. Box 530210
Atlanta, GA 30353-0210

Please include your account number on your check or money order.

Can I get one bill for all of my loans?

You will get one bill for all loans that have the same payment due date. If you have loans with different due dates—and currently receive a separate bill for each—you can change your due dates.

Principal balance: What is it?

The amount you agreed to pay when you signed the Master Promissory Note (MPN) for your student loan.

The principal balance on your billing statement includes the original amount you borrowed:

Plus any applicable loan fees.
Less any principal payments.

It does not include accrued interest but may include interest that was capitalized when your loans entered repayment.

Interest notices: What are they?

You receive an interest notice—instead of a bill—if your loan is in deferment, forbearance, grace, or in-school status.

An interest notice differs from a bill because you're not required to make a payment. However, making payments on your interest notice can minimize the amount of interest that will capitalize when your account enters repayment.

Capitalization of interest: What is it?

It's the addition of outstanding accrued interest to the current principal balance of your loans.

Capitalization of interest results in a higher principal balance and additional finance charges over the course of repayment and may cause your monthly payment amount to increase.

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Paperless Billing (eBilling)

eBilling: What is it?

Electronic billing notices (or eBills) are monthly emails reminding you it's time to pay your student loan bill. So, instead of getting a paper bill in the mail every month, we'll send a convenient email reminder to your inbox.

And don't worry. eBills are safe. We don't include billing details or personal account information. Just a link that lets you securely sign in to pay your bill online.

Why should I sign up for eBilling?

These paperless payment reminders are:

Convenient—Provide a direct sign-in link to your Online Payment Center so you can pay your bill quickly.
Reliable—Remind you via email when your monthly payment is due. No need to worry about losing your bill.
Safe—Do not include billing details or account information. Just a direct sign-in link to securely pay your bill online.
Green—Reduce clutter and are better for the environment.

How do I sign up for eBilling?

By default, we mail all student loan bills and interest notices unless you change your billing preferences. But it's easy to switch from paper statements to eBills.

Sign in to Account Access.
Go to Payments & Billing and select Billing Preferences/eBilling located under "Payment Tools."
Select the Edit Bill Preferences button.
Select "Yes" and provide the email address you'd like us to send your eBills.

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Payments

I can't pay the full amount due. What should I do?

If you're having trouble making your payments, don't wait until you fall behind to seek help. Some options include:

Can you automatically deduct my payments from my bank account every month?

Yes, when you sign up for Direct Debit. It's convenient, free, and you will receive a .25% interest rate reduction for using this service.

Find out how to apply for Direct Debit.

My bill this month shows $0.00 due or that a partial payment is due. Why?

If your account is in a paid ahead status, that means your loan payments exceed the expected amount according to your repayment schedule.

If you...	Then you...
Continue to pay ahead regularly,	Should not see a change in your monthly installment or billed amount.
Use your paid ahead status to skip a payment,	Will probably see a change in the amount due when the change in interest accrues to the point where it "catches up" to your payments.

My loan payoff amount: Why is it different from my principal balance?