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Some student loan servicer will let you pay one part of your bill, but not all. This small action can save you thousands of dollars a year on your student debt. Another reason is that you may have already paid off one part of your loan and are able to see the progress.
The student loan servicer will usually divide your payment among the different loans you have with them, which means if you're not careful, you could be paying for an old debt with new payments. There are about seven companies who offer this service, five of which can't be transferred to another company. You might also run into trouble if you do a balance transfer from one student loan servicer to another and miss a payment afterward.
Here's how to figure out which servicer allows partial payments and what the rules are for each monthly payment amount.
Student loan servicer regulations vary by state. There is no federal regulation so some states allow partial payments, while others do not even allow it from their own state's perspective. States that don't allow this practice include California, Florida, Illinois and North Carolina (source). It is also possible that certain types of loans won't let you make partial payments such as Perkins Loans which are administered by the US Department of Education (source).
The student loan servicer will usually divide your payment among the different loans you have with them, which means if you're not careful, you could be paying for an old debt with new payments. There are about seven companies who offer this service, five of which can't be transferred to another company. You might also run into trouble if you do a balance transfer from one student loan servicer to another and miss a payment afterward.
Here's how to figure out which servicer allows partial payments and what the rules are for each monthly payment amount.
Student loan servicer regulations vary by state. There is no federal regulation so some states allow partial payments, while others do not even allow it from their own state's perspective. States that don't allow this practice include California, Florida, Illinois and North Carolina (source). It is also possible that certain types of loans won't let you make partial payments such as Perkins Loans which are administered by the US Department of Education (source).
