If you elect to receive a scheduled monthly payment as part of your payment plan option, your first payment will be sent to you on the first business day of the month following the funding of your loan. For example, if your loan were funded in November, your first payment would be sent to you on the first day of December. If you are set up on direct deposit, your monthly payment will be in your bank or credit union account on the first business day of each month. If you elected to receive a scheduled monthly payment and requested a paper check, it will be mailed to you on the first business day of each month. It would be best to allow your check a mailing time of 5-7 days.