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Registered: ‎09-06-2008
Re: What is the best way to pay off my Sallie Mae loan?

Welcome to the forums!  Smiley Happy


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 Smiley Happy

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