When is the first student loan payment due since the pause is ending? I’m paying my daughter’s loan for her and the MOHELA site still says she owes nothing. When I look at loan details, the total amount due is correct. All I can see from Google is that it’s due in October, but it seems like she should have been informed of the payment amount and due date already? I don’t want to pay early but I also don’t want to be late!
Can you sign up for automatic payments? That way it will be taken care of.
Is your daughter getting emails?
I guess I could, even though there’s nothing to pay now. My daughters says she hasn’t gotten anything. I would think the website would be updated?
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The first payment is due in October, so the bill should be ready (it’s just not “due” yet). Contact the servicer to find out what is going on. This is from the federal website: 6 Ways to Prepare for Student Loan Repayment to Begin Again – Federal Student Aid.
This has information, too, and it looks like billing might not match up with announced dates? When is your next federal student loan bill due? How to figure it out
You pay interest that has accrued for the prior month and anything left from the payment is applied to principal Paying ‘early’ is fine as student loans are simple interest so if you pay on the 10th of October, it will pay 30 days of interest from Sept, and then 10 for October. If you then pay on Nov 10, you’ll pay 31 days of interest and the rest will be applied to principal.
Wasn’t your daughter in school when Covid hit? She may still be in her 6 month grace period so the servicer would not send a bill yet. You can always start paying and thus pay down any interest that accrued while she was in college before it is compounded into the main loan. It will consolidate interest only once before the payment schedule is established, but after that it is simple interest, with the payment applied to accrued interest first, then principal.
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OK, thanks for all the helpful replies. The site does show she owes a little interest now. I think I will just start paying big chunks and not worry about bills. The site @kelsmom linked to said that statements will go out in September or October. And yes, she graduated at the start of COVID, so that could be the explanation, also.
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If you’re paying in chunks just pay attention to the information about application of payments and when the next payment is due.
Each time you satisfy a bill due, we will automatically advance your next payment due date and your billing statement will indicate a payment is not required for that bill. You may still continue to make payments to decrease your total interest cost and pay your loan off sooner. You have the option to select if you want your due date to be advanced on your loans. To request that all payments made over your monthly payment amount be applied to your current bill and not advance your due date, please see Submitting Special Payment Instructions.
https://www.mohela.com/DL/resourceCenter/HowPaymentsAreApplied.aspx
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Yes - excellent point. It was one I stressed all the time to my grads working in Public Service jobs. One of the things that tripped people up & hurt them with PSLF was that if they had paid more than they owed, any payments made while they were in “paid ahead” status didn’t count toward their 120 payments for PSLF. I encouraged them to request that they never be put in paid-ahead status. I think that was one of the changes they made to PSLF recently - all payments now count.
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