When is student loans paid

Payment in progress — Their payment is on its way. It usually takes up to three working days to reach their bank account. Blocked — The student may still need to provide their bank details, or we may be confirming their National Insurance number. It can take up to two weeks to confirm their National Insurance number.

Failed — Their payment was returned to us — they need to check their bank details are correct. Full-time Tuition Fee Loan. Full-time Disabled Student Allowances. Full-time Childcare Grant. Students can apply online for a loan through the government website. Students can set up a student finance account online, often needing to include household income, proof of identity and a loan declaration as part of their application.

If you can't apply online then you will need to download the application forms and send them by post. Changes in the Student Finance process means that continuing students must apply for funding every year. Students can apply for funding via the government website. Just because your term has started doesn't mean that you can't still apply for student finance.

That means if your term started in September for example, you can still apply for funding for this year - but you'll need to put in an application within nine months of this date. When a student needs to start paying back their loan - and how much they have to pay - depends on which repayment plan they are on. Students can make voluntary repayments through the Student Loans Company.

The Student Loans Company then began trialling automatically refunding people who had overpaid back in March. If the payment isn't sufficient to cover the interest, none of it will be applied to the principal. Keep in mind that no portion of the payment can be treated as excess until the delinquency and the current monthly payment have been satisfied.

If you have multiple loans in an account and the amount of interest owed is more than the amount of the payment, the payment will be applied proportionately based on the amount of accrued interest on each loan.

Payments must be applied first to interest, then to principal. This means all outstanding interest must be paid before any portion of your payment can be applied to principal. Below are common situations in which all, or most, of your payments will be applied to interest. In the early years of repayment, more of your payment will go to pay interest because the payments are lower than they will be later on.

Most, if not all, of that payment will be used to pay the accrued interest. And in some cases, it may not cover all of the accrued interest due. Because you have lower than normal payments, more, or all, of the payment will be used to pay accrued interest. You can make recurring student loan payments through Auto Pay , or make a one-time payment using Pay Online.

Both options are easily available after you log in to your account. Other ways to pay include our mobile app , by phone, or by mail with a check. Have a social account and have a question? Send us a message. We're here to help. You can chat with us a few ways:. You can also log in or visit our Contact Us page to contact a representative. Great Lakes is a Servicer to Federal Student Aid You have a network of support to help you succeed with your federal student loan repayment.

How Payments Are Applied. Tweet on Twitter. Share on Facebook. We automatically apply excess amounts to: Accrued interest Principal of the loan with the highest interest rate. Note: If you're in school, grace, or deferment, after outstanding interest for all loans has been paid, it will be applied to the unsubsidized loan with the highest interest rate.

What is an Account? If you have four loans of the same type, you'll have a single account with four loans and one payment. Remember, the interest rates can be different. Or, if you have four loans of two different types, you'll have two accounts with loans in each.

An account can also have a single loan in it. Your Situation Show information about situation: I want to make a payment while I'm still in school, in my grace period, in a deferment, or in forbearance.

Auto Pay or Pay Online When you make the payment on mygreatlakes. Refund payments reduce what you originally borrowed.

Any interest charged on the amount you pay will be reduced, and a portion of the disbursement fees may also be reduced. Mail or Bill Payment Service It will automatically be applied as a refund to your unpaid balance unless you contact us in writing to ask that it be applied as a payment—first to accrued interest, then to principal. Auto Pay, Pay Online, U. Mail, or Bill Payment Service Your payment will be applied in this order: To accrued interest To the principal on the unsubsidized loan with the highest interest rate.

If you want it applied differently, please define your Excess Payment Preference. Show information about situation: I want to make a full monthly payment while in repayment. Show information about situation: I want to pay more than is due an excess amount. Standard Allocation Most common We automatically apply the excess amount to the: Accrued interest.