Can You Make More Than One Student Loan Repayment a Month?

Student loan debt can feel overwhelming. When you start repaying, those monthly bills can be frustrating. Depending on your lifestyle and your financial goals, there are two main ways you can handle your student loan debt (beyond a standard option). Maker smaller monthly payments. Or make two student loan repayment sums in a month and pay off the loan sooner.

Let’s break each down.

A person holding a credit card.

Smaller Monthly Student Loan Repayment Amounts

If you don’t mind extending the term of the loan, you can choose a repayment plan that allows you to make smaller monthly payments. This makes the payments more manageable and gives you more flexibility with your monthly budget. However, as we said, you’ll not only extend how long you have the loan but ultimately how much you pay. Interest will still accrue, increasing the amount you have to pay back. 

Laurel road company logo.

Fixed cap on variable-rate loans

Variable rates from 1.64% - 5.65% APR with auto-debit

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Multiple Monthly Payments

If you just want to pay off your student loan debt as quickly as possible, you will have to look for a way that allows you to make larger monthly payments. One way you could do this is by making bi-monthly student loan payments, in which you make a repayment every two weeks instead of every month. It may feel like paying a lot upfront, but paying off the loan sooner reduces the total amount you’d have to give back by way of interest.

Talk with Your Lender

The first thing you must do is speak with your lender as to whether or not you can make bi-monthly payments. Some lenders may allow this, while others may not. This is the first and most important step to take if you want to try knocking down your student loan debt.

After talking to your lender and before signing the new agreement, you must find out what your payment schedule will be and exactly how much you will have to pay every two weeks. Only go ahead with this schedule if you are sure you can afford to make these additional payments taking into consideration your monthly income.

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Lender Rates (APR) Eligibility
Earnest company logo.
Variable APR: 1.88% - 5.64%*
Fixed APR: 2.44% - 5.79%*
Undergraduate and Graduate
Lendkey company logo.
Variable APR: 1.90% - 5.25%*
Fixed APR: 2.49% - 7.75%*
Undergraduate, Graduate, Parent PLUS
Credible company logo.
Variable APR: 1.80% - 9.99%*
Fixed APR: 2.15% - 9.99%*
Undergraduate and Graduate
Laurel road company logo.
Variable APR: 1.64% - 5.65%*
Fixed APR: 2.25% - 5.75%*
Undergraduate and Graduate
Commonbond company logo.
Variable APR: 1.96% - 7.02%*
Fixed APR: 2.59% - 6.94%*
Undergraduate, Graduate, Parent PLUS
Fixed APR: 2.44% - 5.97%*
Undergraduate, Graduate, Parent PLUS
VISIT ISL Education Lending
Variable APR: 1.87% – 5.33%**
Fixed APR: 2.30% – 5.96%**
Undergraduate, Graduate, Parent PLUS
VISIT Nelnet
Variable APR: 2.94% - 4.84%*
Fixed APR: 2.99% - 4.94%*
Undergraduate and Graduate
VISIT College Ave
Variable APR: 1.86% - 6.01%*
Fixed APR: 2.47% - 5.99%*
Undergraduate and Graduate, Parent PLUS

*APR includes a 0.25% interest rate reduction for enrollment in automatic payments.

**Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

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