Unfortunately I'm typing this on my phone so I will try to keep it short. Currently one of my students loans (highest interest rate) is 12% and the remaining balance is just shy of $2600. Typically I need to take a loan each semester for roughly $4000. My question is should I pay off the loan with 12% interest and then take out a new one for the coming semester or just pay my tuition next semester and avoid getting a new loan. Currently my credit score is 723 which is much higher than when I originally applied for the loan that is now 12% interest. I assume that by paying off one loan it will help my credit and in turn mean that for next semester my rate would be substantially less than 12%. My loans are all through Salliemae if that has any relevance. Any advice would be greatly appreciated.
