In Repayment
There isn't just one way to pay back your student loans. There are many options to consider to help fit your personal situation. Quickest payoff? Lowest monthly payment? What goal fits your financial situation best? Set your goal, and then find a suggested plan that could help you achieve your repayment goal.
Your student loan repayment options are different depending on the type of loan, the promissory note, the lender, and other factors.
Ways to Pay
There are many ways to pay; however, a convenient way to pay your student loan bill is with Direct Debit.
Direct Debit
Direct Debit is a convenient way to make your student loan payments—on time, each month.
Direct Debit is a free service. You will also qualify for a 0.25% interest rate reduction upon approval of your application.
The electronic deduction from your checking or savings account will occur on the same date each month.
Since your loan payment drafts automatically, it's never late so long as funds are available.
Pay Online
Make your payments anytime, day or night.
Save your bank account information for upcoming payments.
Pay using any of your saved bank accounts.
Schedule payments in advance.
Target extra payments to specific loans.
Set Up Advance Payments
Through your online account and by phone, you can schedule your payments for the future. Every month, you can schedule a maximum of 10 payments up to 60 days in the future. You have the flexibility to set up your payments when you know you'll have funds available.
The option to set up advance payments may be particularly useful if you want to make multiple payments in a given month, or if you prefer to check in on your loans less frequently.
Pay by Mail
Make your check or money order payable to Cology Loan Servicing.
Pay by Phone
You can select the date the payment will be made—up to 60 days in the future—when you know the funds will be available.
Have your bank routing number and account number ready in order to set up an electronic payment.
Save your bank account information for future payments or pay using any of your saved bank accounts.
Income-Driven Repayment (IDR) Plans
IDR plans are based on your income, family size, and state of residence. Since these can alter, annual updates are required to keep your payments aligned with your present situation.
When you first enroll in an IDR plan, you will:
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Be approved for up to 12 months at that payment amount.
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Need to ‘recertify' near the end of the 12 months to have your payments set up for the next 12 months.
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Need to submit a new request and income documentation every year.
Loan Payoff
You may call 1-877-ICOLOGY (toll-free U.S. and Canada) to obtain your payoff amount.
IF YOU MAIL YOUR PAYMENT
We must receive it within 10 calendar days of acquiring your official payoff amount.
If we don't receive it within 10 days:
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It may not satisfy the outstanding principal and interest.
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You will need to get a new payoff amount.
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Daily interest will continue to accrue until we receive payment for the accurate payoff amount.