Are there any prepayment penalties?

No. There will never be a penalty for making payments on your loan early. Note that any additional payments will be paid toward the principal balance on your account. You’re only responsible for the interest on the principal balance on the time that you have it. If you pay the principal of your loan off earlier, you will have less interest charged.

Was this article helpful?
2 out of 3 found this helpful
Have more questions? Submit a request