How is my student loan payment applied to my account?
Generally, any payment made on a student loan will be applied first to any fees that are due (late fees, phone payment fees, etc.).
Next, remaining money from your payment will be applied to any interest due, including past due interest, if applicable. Lastly, any remaining payment will be applied to the principal balance of your loan. Contact your loan servicer to verify their policies and procedures.
Even though you don’t have a payment due, you should continue making payments each month if you can afford it. You won’t actually be paying your loan back any faster unless you keep making payments each month.