Why do I have to pay $20/month towards my loan while in college?

Sixup asks students with our loan to pay $20 per month while in college (or attending school at least half-time). This does two things:

  1. It helps pay down your loan! Although $20/month doesn't seem like much, it can add up over time and reduce the amount of your loan you need to repay after graduation. By paying $20 each month over your 4 years in college, this will chip away at your loan by nearly $1,000! 
  2. It helps build healthy credit behaviors! Getting into the habit of paying $20 each month helps you build behaviors associated with healthy credit. Healthy credit is extremely important as you need it to buy a car, rent a new apartment or buy a home down the road. 
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2 Comments

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    Serion Bellamy

    Just wondering can I pay more than the $20 and is there any early pay off penalty

  • 0
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    Jessie Wild Sneller

    There is absolutely no penalty!

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