How does the Fast Pay Plan handle accounts with variable or introductory interest rates?
The Fast Pay Plan relies on a fixed interest rate over the course of the loan to determine the payoff date. Even a slight change to your interest rate can impact the account payoff date and amount due every month, so it is important that you update your interest rates so that your plan payoff dates can be recalculated if your interest rates change. However, loans that have an introductory period where the interest rate changes once are supported without recalculating your plan as long as you’ve set that account up in your plan to have an introductory period.
