Sixup offers two payment types.
Once your loan becomes active, you will have the option to repay your loan by:
- Making small payments of $20 each month while you're still in school
- Deferring your loan(s) until after graduation
The first type of payment we designed for students to help them develop their own payment history and repayment habits while they are in college. Making monthly $20 payments or more helps to build healthy credit behavior and chip away at your loan balance over time. Making on-time payments may help you to build a positive financial profile. At any time, you can also opt out of it without any penalty. There are no penalties or fees for making early or extra payments.
The second type of payment is the actual repayment of the loan. This type of payment doesn't start until after you graduate, leave college, or drop below half-time as a student. You'll have six months after you graduate or leave college to start the payments. This is called a grace period which is typical of most loans.
Please note that interest will continue to accrue even though you are not making payments. See your loan agreement for specific details regarding repayment.
What to expect after the academic deferment period ends:
The academic deferment period (or grace period) typically ends six months after you leave school. At that point, you'll be making larger monthly payments to pay off your loan in a timely manner.
Those payments vary depending on the amount you borrowed, the length of time before the academic deferment period ends, and whether you have a fixed or variable interest rate. If your enrollment status changes to less than Half Time enrollment or it has been 60 months after the loan has been disbursed, you will also be required to begin making full monthly payments.
For additional information, please contact our loan servicer, Launch Services.
Call 877-354-2629 Mon - Fri from 9am - 6pm ET or email firstname.lastname@example.org.
- How does making small loan payments boost my credit score?