Is there a penalty if I pay off my loan early?
Generally, there is not for loans that were originated by Vanderbilt. Check your loan documents to see if a prepayment penalty is referenced. If a prepayment penalty is not indicated in the loan documents, then no early pay off penalty will be due. There may be a fee included in the payoff quote. Where legally allowed and by state specific requirements, Vanderbilt charges a fee paid to the state recording offices to remove Vanderbilt’s lien from the account. This is the only fee involved in paying off your loan.