You must request in writing that the extra amount be applied to principal. The Department of Education advises borrowers: “You can make payments before they are due or pay more than the amount due each month. Paying a little extra each month can reduce the interest you pay and reduce your total cost of your loan over time. If you want to ensure that your loan is paid off faster, tell your loan servicer that the extra you pay is not intended to be put toward future payments.” Learn more.
Posted in: B. Federal Loan Repayment