The short answer is unfortunately not.
Any payments we receive from you follow a specific payment flow that moves toward your outstanding loan balance. We can't isolate one part of your loan when it comes to payments.
How it works
You’ll notice three components in your statement: outstanding fees and charges, interest, and the outstanding principal balance. Every time you make a payment, we’ll follow the same process:
- First, we’ll use your payment to cover any outstanding fees or charges, including late fees, excluding your admin fee.
- If there’s any money left, we’ll apply that to the interest for the current cycle.
- After your payment covers the cycle interest, we’ll allocate the remaining amount towards the capitalized interest that accrued during your study and grace period.
- Finally, any leftover funds will go towards reducing your outstanding principal amount – that’s the original amount you borrowed from us, including your admin fee.