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 out or in to auto pay.
-
Your repayment terms have been extended.
-
Your modified repayment plan, which required interest-only payments on this loan for a specified period of time, has ended.
In all of these cases, the minimum 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 Client Happiness. We'll be happy to take a look.