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Overpaid on a loan?

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Regular Contributor

Overpaid on a loan?

I have 8 different loans through Myfedloan. I had enough money to pay one loan off entirely. The balance was $528.75. I put a little more than that down, since I knew in the few days it took to process that some interest would accrue. I did pretty good with my calculation, but overshot the balance by $.53. So, now I have overpaid my loan by $.53.

 

Will that $.53  be put towards one of my other 7 loans I have with them?  Or will I receive it back from them as a check/direct deposit into my account? I know it's not a lot of money, but I would hope it just gets transferred to another loan.

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Message 1 of 4
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New Member

Re: Overpaid on a loan?

I had overpaid my private loan to Citibank in 2012, and I received a refund via check in the mail for the extra payment. However, it took over a month to receive the check, so like you I was not sure what would happen with the extra payment. When my boyfriend had paid extra on one of his federal loans to Navient last year, the extra payment was applied to another loan.

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Valued Contributor

Re: Overpaid on a loan?

Why don't you contact them and ask?  It may be that you can choose how the situation is handled.

Message 3 of 4
Valued Contributor

Re: Overpaid on a loan?

I overpay every month. It will go towards the principle.
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