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FAQs


I’m behind on payments and having financial hardship. What options may be available for me?

We all experience financial hardship at some time. There may be options like short term interest-only payments or modifications to get you back on track available if your account is currently delinquent. Call us toll-free at (866) 681-7282 to speak to an agent about what options may be available for your situation.

How long does it take to receive a decision on my application?

Applications are typically reviewed within 2 hours during normal business hours. Your application decision is sent to your school representative. Be sure to contact your school to check the status of your application.

How does this loan affect my credit score?

You can learn more about your credit score and how it’s calculated here.

How do I sign my contract documents?

Contracts and supporting documents are sent for eSignature through DocuSign. If you are having trouble signing or cannot locate your invitation to sign, please contact your school representative.

Where can I see my balance?

Be sure to set up your account at www.myparamountloan.com! From here, you will have full access to your account details.

How can I see my complete, detailed account history?

You may request a complete, detailed account history by calling us toll-free at 866-681-7282 or by emailing us at [email protected].

Can I pay my loan off early?

Yes, there are no prepayment penalties.

Can I change my due date?

Paramount representatives will work with you to make sure the due date fits with your other monthly obligations. Please contact a representative if you need to discuss changing your due date.

What if I can’t make my payment?

Please contact a representative to discuss your situation. We will work with you to come up with a solution.

How are my payments applied?

Payments are applied to amounts currently due, in order, first to any outstanding late or NSF fees, then to accrued interest, then to your principal balance.

What if I make an overpayment?

By default, amounts received exceeding the amount currently due (fees, accrued interest, and principal) will be applied first, toward your next scheduled payment if it is due within 30 days. Any remaining overage is applied to your principal balance.

Can I have all my overpayments applied to future payments or principal only?

You can request overages to be applied to future payments or solely to your principal balance by calling us toll-free at 866-681-7282. Your election will remain in effect until you’ve notified us differently.

How can a Co-signer make a payment?

To make payment, co-signers can call us toll-free at 866-681-7282.

How is interest calculated?

Accrued interest is the amount of interest earned on your loan but not yet collected. Interest typically begins accumulating when you sign your installment contract. If you are making payments on time, you can calculate your accrued interest using this simple formula. This formula is for illustrative purposes only. If you are late making your payments, or have made payments for less than your regular monthly payment amount, this formula may not provide you with an exact calculation that matches your account’s actual activity and balances.

Step 1: Calculate your daily interest.

  • APR/365 = Daily Interest Rate
  • Daily Interest Rate x Current Principal Balance = Daily Interest

Step 2: Calculate your accrued interest:

  • Daily Interest x Number of days since your last payment = Accrued Interest

Please call us toll-free at 866-681-7282 with any questions regarding your balance and interest.

Have a Complaint?

Still have a question? Send us an email at [email protected] or give us a call toll-free.

866.681.7282

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