Re: What is the best way to pay off my Sallie Mae loan?
08-10-2012 08:43 PM
Welcome to the forums!
It's up to you. Is it more important to you to have that money in savings, or to have your loan paid off? Installment accounts are a very small portion of your overall credit score, so it's not going to make a drastic difference either way. Personally, I would just keep making my small payments.
If you paid a big chunk, you would reduce the principal owed, not your interest rate. It should not affect your interest rate at all.
I have yet to pay off any of my student loans, so I can't tell you what the most "hassle-free" way to pay one off would be