If I have multiple loans, how are my payments allocated or split across the loans?


Last Updated: April 30, 2022

If you pay online or set up Recurring Payments (AutoPay) through our website or mobile app, you can direct your payment to be allocated across your loans in any manner that you choose:

  • If you pay by paper check or through a bill payment service and you want to spread your payment across all of your loans, you must include your Document ID from the top of any statement. Using a Document ID means that the payment will be spread across all your loans in this way:
    • Any payment amount above the Total Amount Due will be split proportionally among your loans based on outstanding balances.
    • For example, if Jane has Loan A with an outstanding balance of $50K and Loan B with an outstanding balance of $10K, we would direct $50 to Loan A and $10 to Loan B.
  • Payments less than or equal to the Total Amount Due will be first allocated based on Past Due Amounts of all loans, if applicable, and then any remaining amount would be split based on Monthly Amount Due plus Unpaid Fees for each loan. The oldest Past Due Amounts are covered first, and where loans are at the same stage of Past Due, the higher interest rate loan is paid first.
    • Note: If the payment contains a specific loan account number (instead of the Document ID), the payment will be fully allocated to that account regardless of the number or status of your other accounts.

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