When a payment is made on your Tenet Dashboard, it applies to your loan balance in the following order:
Unpaid fees (Late fees may be applied if the Loan is 10 Days past due).
Accrued & Unpaid interest.
Due principal.
If you make a payment that covers more than the upcoming Monthly Payment (Due Interest, Principal, & fees), the extra amount applies toward your loan principal (If a Portion of the Principal was deferred, then it will apply toward the deferred amount first), which will lower your overall interest on your loan. And depending on how much interest is lowered, it may shorten your loan term as well.
If you would like to make a payment towards your loan principal instead of the upcoming Monthly Payment, mark off "Apply this payment to my remaining principal balance" when making a Payment.
Are there any penalties for early payments?
No penalties with Tenet! If you pay off your Loan early with Tenet, you will only pay the remaining principal plus the interest since your last monthly payment at the time.
Call or text our servicing team at 646-846-2501 or by email at support@tenet.com.