Questions about Loan Payments?
How do I make a payment on my Direct Federal Loan from a Direct Federal Account?
To make a payment to your Direct Federal Loan from a Direct Federal Account, navigate to the “Transfers” widget. For the most payment options, including Principal only payments, click on the “Classic” tab. From there you will be able to select which account you want the payment to come from, which loan it should go to, how much you want to pay, and other payment options.
How do I make a payment on my Direct Federal Loan from another financial institution?
To set up a payment within Online Banking to your Direct Federal Loan, from a different financial institution, navigate to the “Transfers” widget. For a range of payment options, including Principal only payments, click on the “Classic” tab. From there you will be able to add an external account if you haven’t already done so. If you have done so, and have previously confirmed the account, then you will see the external account in the “From” dropdown.
If you have not set up an external account previously, you will need to select “Add external account”. You will enter the information from your account outside of Direct Federal and hit Save. To confirm your account, we will deposit two small amounts into your outside account in 1-2 business days. You will need to retrieve those amounts from your outside financial institution and enter those amounts by clicking “Confirm” on the Dashboard.
How do I make a Principal only payment?
From a Direct Federal Account
Navigate to the Transfer widget and select the "Classic" tab. Choose which Direct Federal Account you would like to make your Principal only payment from and then select which loan you will be making a payment towards. Check the “Principal Only” box and enter the amount you’d like to pay.
From an External Account
If your Principal only payment is coming from an external account, you will first need to transfer the funds into a Direct Federal account which will take 3-4 business days. Once the funds are at Direct Federal you can follow the steps above.
- The Principal only payment option will only appear if the loan is current
- Principal only payments must be made at least 10 days prior to the next payment due date
How do I know what the Principal and Interest breakdown is on my loan payment?
Within Online Banking, select your Loan and click on the specific payment you would like more information on. Then select "Breakdown" and you will be able to view the Principal and Interest breakdown of your loan payment.
How do I know if my Direct Federal Loan has been paid?
Navigate to the "Transfers" widget and click on the "Classic" tab. Select your Direct Federal Loan from the “To” dropdown. The regular payment amount option will show your next payment due date.
Why do I see two loan payments coming out of my account?
You may have had a scheduled Loan payment that was previously set up by our Contact Center. To check if you have multiple loan payments set up:
- Click on the transfers widget
- Scheduled transfers tab to view all of the scheduled payments.
- Click the pencil to edit payments and the trash can to delete payments
If you are unable to delete or edit a payment, please contact us at 888.2DIRECT.
I made a Loan payment, and I am still seeing a notification that my Loan is due.
Did it not go through?
The notification will disappear once your payment has posted to the Loan. Please allow 4-5 days for your payment to process before queuing another payment.
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