How to Have Student Loan Payments Automatically Debited From My Bank Account

Having your student loan payments automatically debited from your bank account is a very simple task that can save you time and money. Most banks encourage automatic payments and most lenders offer this as a free option.

Instructions

Difficulty: Easy

Things You’ll Need:

• bank account information
• lender’s contact information

1. Contact your student loan provider via phone or the internet. Most loan providers will allow you to sign up for automatic debiting online. Before beginning the process, make sure your loan payments are current.
2. Have your checking or savings account information available as you begin the process by phone or by internet. You will need your checking account or savings account number as well as your bank’s routing number, which is listed on the bottom of your checks.
3. Your student loan company will typically debit your bank account according to the same schedule as before you set up automatic payments. If your loan payment was due on the 15th of the month, it will be debited from your account on the 15th as well. However, you may request a change in the payment date to better fit your budget.
4. If you are not the owner of the account you are requesting to have payments debited from, you will have to obtain an automatic debit request form and have the owner of the bank account sign it.
5. Be sure to inquire if your loan company offers an interest rate reduction for automatic debits. Most companies give a 0.25% reduction.

Tips & Warnings

• Check your bank’s policies on automatic debiting.
• Have your account information handy when you call or go online.
• Make sure you maintain an adequate balance, enough to cover your loan debit, by the time it is due.

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