Automatic Payments

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Do you use automatic payments on your loans?

Automatic Payments

Sometimes it's hard to remember when each of your monthly bills are due. Rent, electricity, phone, cable, undergraduate loans and so many others can pile up. If you get two due dates confused it can start a chain reaction that throws off all your bills for the whole month.

An easy solution to this problem is direct debit or automatic payments. Lenders usually offer a service where they automatically deduct your payment from your checking account or credit card on the same day every month.

This relieves you of the burden of remembering what day your payment is due and how much you owe. You can request that the minimum required amount be charged every time, or specify if you wish to make larger payments.

Now you don't have to worry about forgetting a payment and defaulting on your student loans, which puts you and your cosigner (if you have one) at risk. Always check your bank or credit card statement at the end of the month to make sure the student loan payment went through.



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