student loans

[Jeremiah Sturgill]

Hey gang, here is a good thing you should copy/paste and email to all of your student loan servicers:

"I am writing to provide you with instructions on how to apply payments when I send an amount greater than the minimum amount due. Please apply payments as follows:

After applying the minimum amount due for each loan, any additional amount should be applied to the loan that is accruing the highest interest rate.

If there are multiple loans with the same interest rate, please apply the additional amount to the loan with the lowest outstanding principal balance.

If any additional amount above the minimum amount due ends up paying off an individual loan, please then apply any remaining part of my payment to the loan with the next highest interest rate.

It is possible that I may find an option to refinance my loans to a lower rate with another lender. If this lender or any third party makes payments to my account on my behalf, you should use the instructions outlined above.

Please retain these instructions and apply them; please confirm that you have received these instructions and will follow them."

[Hemali Kothari]

This is really helpful. 

Thanks so much Jeremiah!!

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