EarnUp’s optional acceleration program helps you contribute the equivalent of one additional monthly payment to your loan every year. When this additional payment is applied as extra principal, this has the huge benefit of decreasing the total interest that is paid over the course of the loan, saving you money! Depending on your withdrawal schedule, acceleration can work in a couple of ways.
If you get paid weekly or every other week, you get paid an “extra” time for a few months out of the year. We withdraw your normal withdrawal amount during those weeks, which adds up to one additional payment per year! To see how this works, take a look at our What is the difference between Weekly, Every Other Week, Twice a Month, and Monthly? page.
For Twice a Month and Monthly withdrawal schedules, we can add in a little extra to each withdrawal, which adds up to one additional payment per year.