How can I repay my federal student loans with the highest interest rate(s) more quickly?
You can pay more than the required minimum on any federal student loan at any time. This is typically referred to as making a “prepayment.” This will allow you to target those extra payments at your debt with the highest interest rate(s). When you prepay on a loan you need to inform the loan holder/servicer which of your loans is to be prepaid. Note that on federal student loans, prepayments must first be applied to any outstanding interest or other charges before loan principal can be reduced. Federal Consolidation Loans have a fixed interest rate that was established at the time the loan was borrowed. You can find the current interest rates for all Access Group loans on our Web site in My Account.
