Repaying Your Loan

Overview

Repaying your loan is a simple process with different options. If repaying your loan causes additional financial burden, your caseworker will work with you to create a customized plan for your needs.

What to expect

There are two options for repaying off your loan. Choose which one works best for you:

1. The Society can process your payment from a checking account (ACH payments). Simply call Loan Services at (703) 696-7462 or (703) 696-1484 and provide your routing and account number.

2. The Society can process your payment from a debit/credit card. Call Loan Services, and choose your processing date—either the 1st, 5th, 10th, 15th or 20th of the month.

As a reminder, Society grants and scholarships don't need to be repaid.

  • Who do I contact to pay off my loan?

    View

    When you are ready to pay off your loan, contact Wayne Osbourne or James Drummond in Loan Services at (703) 696-7462 or (703) 696-1484 respectively.

  • How long does a payment take to process and show on my account?

    View

    ACH payments take 2-3 business days depending on the bank. Most credit unions such as NavyFed, MarineFed, USAA, etc., take one business day. Debit/credit card payments process immediately. Once the payment is processed it will be posted to your loan account the very next day.

  • If I have an allotment running, can I pay off my loan?

    View

    If you have an allotment running, you can pay the difference of the balance. For example. if your current balance is $150 and you have a running allotment for $50, then you can pay the difference of $100 before the first of the month; when your allotment posts on the first of the month, your loan will be paid in full

  • Can I make extra payments on my loan?

    View

    Yes, you can. Contact Loan Services and they can set your additional payment(s) up from a checking account or a debit/credit card.

  • How can I check my balance?

    View

    Please contact Loan Services, and they can verify your balance and your payoff date.

  • Can I change the terms of my allotment?

    View

    Yes, you can. Please contact your local office to discuss any restructured terms to your loan.

We're here to help

Repaying your loan shouldn't be stressful or cause additional financial burden. If the repayment terms cause you trouble, make an appointment to meet with a caseworker. Together, you will discuss possible changes that work for your situation.

To make a debit card or electronic payment, contact NMCRS Loan Administration at (800) 654-8364.