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Electronic loan payment maintenance

Electronic loan payment maintenance allows clients with an active loan currently repaid via electronic transfers to update the amount and frequency of the payment. The updated payment amount cannot be less than the scheduled payment amount. If the frequency is changed, the payment amount and frequency must satisfy the amount due quarterly for the loan.

Note: Updates to the payment amount and/or frequency will not change the actual loan record and the scheduled payment amount or frequency established at the time the loan was setup. Additionally, updates to the bank account type, ABA routing number and bank account can be made.

To update electronic loan payment information, select from the following:

  • Payment amount: Enter an amount for your loan payment.
    • Note: The updated amount cannot be less than your scheduled payment amount.
  • Payment frequency: Select the desired frequency from the drop down menu (weekly, bi-weekly, monthly, semi-monthly and monthly). Note: The IRS requires payments to your loan to be made no less than quarterly. If changing your loan frequency during the quarterly cycle, the frequency will not be updated until after the current cycle is completed, i.e. the day following the quarterly due date. The frequency, plus the payment amount selected, must satisfy the amount of the loan due on a quarterly basis.

To update banking information, select from the following:

  • Type of account: Select from the drop down menu savings or checking.
  • Bank ABA routing number: Enter your bank’s ABA routing number.
  • Bank account number: Enter and verify your bank account number, then click "next" to review the information entered.

To cancel a loan payment made through electronic transfers, please contact the Client Care Center at 1-800-448-2542.