Gift a Student Loan Payment

We created a simple way for friends and family to give a meaningful gift this holiday. Use our tool to share the message with loved ones and then we’ll help them make a payment!

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Frequently Asked Questions

What is the benefit of paying more than the monthly amount due?

Paying more than you owe in a month is called an overpayment (also known as a “prepayment”) and can save you money over the life of the loan and can shorten the length of your loan payments.

Is there a penalty on paying more than I owe?

All student loans, including federal and private student loans, allow for penalty-free overpayments (also known as “prepayments”).

Is there a limit on how much I can pay?

The vast majority of lenders do not limit to the amount you can pay each month. If you’re unsure, you can always contact your lender to double check.

What if I’m enrolled in Public Service Loan Forgiveness (PSLF)?

According to FedLoan Servicing, making an overpayment on your loans while enrolled in PSLF can impact your qualifying payment count. FedLoan suggests contacting them and requesting to have paid ahead status permanently removed.

What happens if my loan contribution gift is larger than my normal payment?

An overpayment larger than your monthly payment might result in your loan servicer showing a current amount due of $0 the following month. You may still want to pay your typical monthly payment, however, to receive the benefits of the overpayment.

What if I have auto-payments set up for my loans?

Making an overpayment typically does not stop a direct debit transaction if you are enrolled in auto-payment son your account.

How does this tool work?

By clicking “Give a Gift” above, Summer helps you gift a payment to someone’s loans. We ask you to provide the recipient’s name and contact, and we’ll send them a beautiful email sharing your gift and asking them for the proper loan info to complete payment. We’ll reply back to you, you’ll make the payment, and voila!

What is the benefit of paying more than the monthly amount due?

Paying more than you owe in a month is called an overpayment (also known as a “prepayment”) and can save you money over the life of the loan and can shorten the length of your loan payments.

Is there a limit on how much I can pay?

The vast majority of lenders do not limit to the amount you can pay each month. If you’re unsure, you can always contact your lender to double check.

Does Summer handle my payment to the recipient’s loan servicer?

All payments must be made directly to a loan servicing company on behalf of the borrower receiving a gift. Summer provides you with instructions on how to do this by phone or mail. Summer does not handle payments between the gift giver and the loan company to limit fees or fine print.

Why is Summer coordinating this?

Summer is helping to facilitate contributions from friends and family to their loved ones, providing the proper payment information for each loan servicing company.

Have a question we don’t answer?

Please message us at [email protected] and we’ll get back to you as soon as we can!