Direct Debit
Benefits of Direct Debit
- Direct Debit is the most convenient way to make your student loan payments—on time, every month.
- Direct Debit is a free service. And you qualify for a .25% interest rate reduction when your application is approved. That's a savings of $277 on a $10,000 loan with a 10 year repayment term!
- Set up an electronic deduction from your checking or savings account on the same date each month.
- Since your loan payment happens automatically, it's never late.
How to apply
| Step # | Procedure |
|---|---|
| Step 1: | Download the Direct Debit application (511 KB PDF). |
| Step 2: | Complete, print, and sign the form to authorize the service. |
| Step 3: | Mail the agreement form only to: FedLoan Servicing |