As a GreenState member you are able to apply Principal Only Payments to select loan types.
Processing a principal only payment will not advance your due date. While making a principal payment is a great way to reduce the overall balance on your loan, it will not impact the next payment due date. Please keep this in mind when planning your loan payments.
Please note that principal payments can only be made on certain loan types through our Online Banking platform. While we strive to offer this feature for a wide range of loans, it may not be available for all loan products. If you have any questions about whether your loan qualifies for principal payments, our friendly member service team is here to assist you.
Unfortunately, principal payments cannot be made using Online Banking's External Transfers feature. If you wish to make a principal payment with an external account, you will first need to transfer the funds into a GreenState checking or savings share, then transfer the funds from that share to the loan.
Please be aware that we are unable to process principal payments in the following situations:
It is crucial to understand that principal payments should NOT be made to bring a loan balance to zero. While it may seem logical, paying off the entire loan amount through principal payments alone is not recommended. If you wish to settle your loan in full see Loan Payoff.
If you have any further questions or need assistance with your loan, please don't hesitate to reach out to our dedicated member service team. We are always here to provide the guidance and support you need.