No. There is no prepayment penalty. Upon prepayment in full, the student will be refunded any unearned interest for paying off the account early. Interest rebates, or refunds, for early payment in full (referred to as “prepayment”) are determined by the finance regulations in each state. The calculation varies slightly state to state.
Will my customer pay a penalty for paying an account off early?
by Pilot Finance Inc. | Sep 17, 2013 | School Program FAQs