What steps do I need to take to pay off my loan?

One-time payment: To pay off your loan with a single payment, you can submit a payment for the full principal balance of the loan, including the outstanding interest and fees, as of the date the payment will be posted to the account. You may also request a payoff quote for a specific number of days by contacting the Servicing Team at +1 202 417 3800 or email servicing@mpowerfinancing.com.  

Multiple payments: To pay off your loan early over time, you can always submit payments for any amount higher than the minimum due each month. The payment received will be allocated to any outstanding interest and then the remaining loan balance. With this option, autopay will still withdraw a payment as per your settings, if you are signed up for autopay. 

After you pay off your loan, your servicer will issue a Paid in Full Letter based on your communication preferences. Any overpayment will be refunded within 1-2 months to the source from where the payment was made. 

There is no penalty for paying off your loan early!