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I recently consolidated my loan. Can I use my Education Award to pay the principle on one of my smaller loans instead of dividing the award to pay my monthly amount on the loan?

April 26, 2017award consolidated Education loan Loans pay Principle smaller

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I recently consolidated my loan. Can I use my Education Award to pay the principle on one of my smaller loans instead of dividing the award to pay my monthly amount on the loan?

1 Answer

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It depends. Typically, lenders will apply the Education Award to the interest and payments, rather than principle. You will need to contact your lender to request your Education Award be applied to the principle only.