Interest is calculated daily based on a 360-day year with 12 months. Each month is treated as if it’s 30 days long, regardless if a month has more or less than 30 days.
To learn more about the interest on your loan, sign in to your account. That's where you'll see:
- Your interest rate and annual percentage rate
- How much of each past payment you made went toward principal and interest
Reducing the interest you pay
We don’t charge any prepayment penalties, so you can pay off your loan any time. You can also make extra payments. Both reduce the length of time your loan is outstanding and lower the total interest you pay.