Absolutely, you have the flexibility to make additional payments toward the principal of your loan without any penalty or fee. If you're already enrolled in autopay and the automatic payment covers the interest-only portion, any extra payments you initiate will be directly applied to reduce the loan's principal balance as of the date that it is made. This allows you to pay down your loan faster and decrease the overall interest cost associated with it.
Loan Management
Updated over 2 months ago