How do I get my 0.25% auto-pay interest rate reduction?
You’ll need to set up a “Recurring Payment” on our Loan Servicing website, www.collegeaveservicing.com
Follow these easy steps:
Step 1 In order to set up recurring payments you must first create an online account. If you have not created an account on our Loan Servicing website, please do so and sign in. As you are setting up your new account, you will create your username and password.
Step 2 From the Home screen, go to the Useful Links section at the right of the screen and select “Manage Recurring Payments.”
Step 3 Click the “Create Recurring Payment” button in the bottom-right corner of your screen.
Note: If you already have a payment method set up in your account, skip Step 4 and go to Step 5.
Step 4 Select “Add Payment Method” at the bottom of your screen and fill out the required information.You can choose from two convenient payment methods: by ACH withdrawal (through your bank account) or by credit or debit card.
- ACH Withdrawal: You’ll need to fill out your routing and account number, which you can find on your checks or online via your bank’s online account management system. Click the “Save” button when you have completed the form.
- Credit or Debit Card: You’ll need to input your card number, expiration date, and security code found on the back of your credit or debit card. Click the “Save” button when you have completed the form.
Step 5 Select the loan you’d like to make payments toward, select which payment method should be used, enter the amount you’d like to pay on a recurring basis, choose your payment frequency, and select when you want the recurring payment to start.
Step 6 Click on the “Create Recurring Payment” button to finish setting up recurring payments.
Note: If you have more than one loan, each loan must be individually enrolled in Recurring Payments.
And that’s it!
Remember to continue to monitor your account online and/or your billing statements to make sure your selections are up-to-date.
Frequently Asked Questions
What are the benefits of setting up Recurring Payments (aka automatic debit or auto-pay) for my loan payment(s)?
If you set up automatic payments, you will receive a 0.25% interest rate reduction that is effective from the day you establish the recurring payment.
How do I know if my 0.25% rate reduction for setting up automatic deductions has been processed?
The interest rate on your statement displays the active rate on the loan. You can compare the interest rate on the first statement you received after setting up Recurring Payments to the previous one to confirm the rate of reduction.
Can I cancel recurring payments once I’ve set it up?
Yes, but you will lose your 0.25% interest rate reduction when it is canceled.