FAQs

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.

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

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.

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

You may request a complete, detailed account history by calling us toll-free at 866-681-7282 or by emailing us at financialservices@myparacap.com.

Yes, there are no prepayment penalties.

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.

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

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.

If you make a payment in excess of the amount currently due (fees, accrued interest, and principal), we will apply that excess amount to your next scheduled payment.  If there is still an excess amount after applying an amount to your next scheduled payment, we will apply any remaining amount to your principal balance.

Yes, when making payments in excess of the amount currently due, you will need to specify if you would like any overpayment applied to future payments or to your principal balance.  You can make your request by calling us toll-free at 866-681-7282.

Yes, we will apply your payment to future payments upon request.  You can make your request by calling us toll-free at 866-681-7282.

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

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.

Still have a question? Send us an email at financialservices@myparacap.com or give us a call toll-free.

866.681.7282