We understand things come up, and you may need to change your due date. You can either change the date for your next payment only, or you can permanently move your due date to a different day of the month.
Keep in mind that in both cases, interest accrues on your loan daily. Also, your account must be current before you can move your payment date.
Sections in this article cover:
- Permanently moving your payment date
- How permanently changing your payment date affects your interest payments
- Changing the date for just your next payment
- How changing your next payment affects your interest payments
- Making extra payments
- Late payments
Permanently moving your payment date
You can permanently move your payment to whenever works best for you—either so that it aligns better with when you're paid or so that it's not at the same time as when you pay other bills. If you've already permanently moved your payment due date and want to move it again, contact us at firstname.lastname@example.org.
- Sign in to your Account Summary.
- In the Payment Information section, click Manage Payments.
- Click Change Monthly Due Date.
- Enter the new day and click Continue.
When you choose a new day, we’ll calculate and display your upcoming payments. If you’re moving your due date earlier in the month, you’ll notice that your next two monthly payments are closer together.
- Click Confirm change.
You’ll know you’re all set when the page says Success!
How permanently changing your due date affects your interest payments
Interest accrues on your loan daily, so changing your due date can affect the amount of interest you pay in your next payment.
For example, if you move your due date five days later in the month, your next payment will be slightly higher to cover the interest accrued during those five extra days. After that, your monthly payments will return to the original payment amount.
If you do the opposite and move your due date five days earlier in the month, your next payment will be lower and will include less interest because the payment is early. After that, your monthly payments will return to the original payment amount.
Keep in mind that we calculate interest based on when we receive your payment. If you change your payment date on a weekend or holiday, the change won’t be processed until the next business day.
Changing the date for just your next payment
To delay your next payment, contact us at email@example.com or call us at 844-227-5011. Be sure to contact us at least three business days before your next payment is due. Also, some banks place a hold on the funds one business day earlier, so we recommend having the funds in your account by then. Please have your bank account information ready when you call.
How changing your next payment affects your interest payments
You can change your payment up to 15 days after your original due date without a late fee. During that time, your loan will continue to accrue interest daily based on a 360-day year. Keep in mind, this may result in an extra loan payment at the end of your loan term. To learn more, see How we calculate interest.
Making extra payments
If you're having a problem making your payments, please contact us immediately at firstname.lastname@example.org or call us at 844-227-5011. Please have your bank account information ready when you call.
See Late payments for more information.