How does the $1/month charge work?

How does the $1/month charge work?

If your loan payments are due monthly, the plan fee is $1 per payment, for as long as your loan is open.

If your loan payments are due twice a month, the plan fee is $0.50 per payment, for as long as your loan is open.

If your loan payments are due every other week, the plan fee is $0.46 per payment, for as long as your loan is open.

In all cases, the plan fee is paid first. In other words, payments are first applied to the plan fee, as specified in your loan agreement.