If you have a student loan with a fixed rate, it is still possible for your minimum payment amount to increase. Any changes made to your payment schedule can cause an increase in your minimum payment. Here's a list of changes that could impact your minimum payment amount:
- Your loan has been in deferment, forbearance, grace, or skip-a-pay.
- Your payment due date has changed.
- Your interest rate has changed due to opting in or out of Auto Pay.
- Your repayment terms have been extended.
- Your modified repayment plan, which required interest-only payments on your loan for a specified period of time, has ended.
In all of these cases, your minimum payment amount would increase to reflect the increase in the interest you've accrued (and are expected to accrue) on your loan.
If your payment amount increases and none of the reasons above apply, please contact our Client Happiness team. We'll be happy to take a look. You can contact our team by clicking "Get In Touch" at the bottom of this article.