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Can I pay more than the minimum loan payment required each month?

April 26, 2017loan minimum month pay payment

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Can I pay more than the minimum loan payment required each month?

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Yes. And by doing so, you can shorten your overall loan term and decrease your interest costs. The extra money you send in each month is applied directly towards the principal balance of your fixed interest rate loan, so you can pay your loan off faster. Best of all, you can pay off your consolidation loan early without penalty or fee.